The Naira on Friday depreciated by N5 to the dollar as it traded N215 at the Bureau De Change (BDCs) segment of the official market. It also depreciated by N7 at the black market, selling at N217 to the dollar.
A dealer, who preferred anonymity, told the News Agency of Nigeria (NAN) in Lagos that the depreciation might be due to the closure of the Retail Dutch Auction System (RDAS) by the CBN.
It was closed by CBN on Feb. 18.
NAN reports that the RDAS is a foreign exchange window at CBN where the Bureau de Change and commercial banks buy forex.
The dealer said that the CBN’s decision, which was meant to control speculations, had made other currencies to be scarce.
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