The Naira, on Monday, February 16, fell a further N2 and is now selling at N210 to the Dollar at the Bureau De Change (BDCs) segment of the official market.
Naira now 210 to dollar
However, at the black market, the Naira is said to be selling as high as N213 to the dollar.
According to the News Agency of Nigeria, a dealer said that the depreciation is most likely due to the closure of trading at the interbank market by the Central Bank of Nigeria (CBN).
The Naira is also selling at N307 to the pound in BDCs and N314 at the black market while the Naira-Euro exchange rate is N235 in BDCs and N237 in the black market.
According to Bloomberg, the Naira has tumbled 17 percent over the past three months and may further decline to an exchange rate of N263 to the dollar.
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