Wednesday, 16 November 2016

Naira depreciates, exchanges N465 to dollar

The Nigerian Naira, on Wednesday dropped N10 to trade at N465 per U.S dollar as against the N455 per dollar it was yesterday in the black market.

The depreciation is said to be as a result of recent raid of offices of Bureau De Change, BDCs, by operatives of the Department of State Service, DSS, and the Economic and Financial Crimes Commission,

It was reported that the DSS raided offices of BDCs in some part of Lagos and Abuja, and arrested some operators selling above the exchange rate stipulated by the Central Bank of Nigeria, CBN.

The clampdown followed a meeting between the CBN, the DSS and leadership of the BDC association aimed at finding solutions to the poor performance of the naira against other currencies.
But naira traders said the move by the anti-graft agencies brought about fear among BDC operators.

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