Naira devalues as CBN Cuts Dollar Supply

 

The naira fell to 242 against the United States dollar at the parallel market on Monday after the Central Bank of Nigeria cut dollar supply to Bureaux de Change operators in a bid to conserve the external reserves.

The naira, which traded at 238 against the dollar on the streets of the nation’s major cities on Friday, depreciated considerably as demand overwhelmed supply at the black market and the BDC segment on Monday.
For some weeks, the naira had traded between 230 and 234 to the dollar at the parallel market.