Naira falls to #205-$1 at foreign exchange rate

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The Nigerian naira continued its free fall against the dollar at the foreign exchange bureaus, closing at N206-$1 United States dollar. The naira had sold for between N193 – N194 earlier in the week. According to Dealers in Lagos, Nigeria’s commercial hub, the market has been very volatile since the Central Bank of Nigeria (CBN) stopped foreign exchange bureaus from buying dollars through commercial banks, in a move to save the naira amidst falling crude oil prices. The dealers were directed to buy directly from the CBN’s own auctions. The bank said the move aimed “to curb speculative demand in the market” or to prevent people from rushing to procure dollars as the naira declines.

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