The Naira has depreciated the more after Central Bank of Nigeria stopped the foreign exchange sales to Bureau De Change operators on Monday. The dollar which was at N287 per dollar on Tuesday increased to N305 per dollar in major cities like Lagos, Abuja and Kano.
The News Agency of Nigeria reports that the naira exchange rate was, however, stable at N197 to the dollar at the official market on Wednesday.
This new development is really a cause for concern as many people are of the opinion that the stoppage of dollar sale to the BDCs will not solve the problem in the economy. The currency will depreciate some more.
While Members of the organized private sector welcomed the new development and praised the CBN for stopping the sale of dollars to the BDCs and lifting the ban on cash deposits into domiciliary accounts.