Naira rises by 0.49% at BDC segment

The Naira, last week, appreciated by 0.49 per cent at the Bureau De Change (BDC) segment.

The Naira however remained steady at the interbank market at N199.13 to the dollar while the Central Bank of Nigeria’s clearing rate remained firm at N197 to a dollar.

“This week, we expect the naira to weaken at the alternative market segment as traders and travellers increase their demand for dollar cash in response to the limit on dollar denominated cards,” analysts at Cowry Asset Management Limited said.

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the Naira in 2015 alone and recently also restricted the amount of overseas spending with Naira debit cards to $50,000 from $150,000 in a bid to protect the local currency.