Currency Exchange Naira weakens further against Dollar at N265 to $1

The Nigerian Naira has further weakened against the United states dollar (USD), after rising to 265 from 263 on Monday, January 4, 2016.

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Nigerian Currency play

Nigerian Currency

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The Nigerian Naira has further weakened against the United states dollar (USD), after rising to 265 from 263 on Monday, January 4, 2016.

Following the suspension of foreign exchange sales by CBN, Currency Analysts predicted the fall of Naira, and said that the currency will remain weak until the the first week in January.

Alhaji Aiminu Gwadabe, Acting President  of Association of Bureau De Change Operators, told Punch that CBN plans on selling $10,000 each to the BDC (Bureau De Change) operators. He further added that the weekly forex sale was expected to positively impact on the exchange rates.

Recently, CBN denied sale of forex to over 1,600 BDC's , because of their failure documents for previous allocations. And also reduced its weekly forex sale to the BDC from $30,000 to $10,000.

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