The Nigerian naira is expected to depreciate further next week following CBN’s suspension of dollar sale to some BDCs over their failure to file documentation on previous dollar purchases.
On Thursday naira exchanged at 246 to the dollar on the unofficial market on Thursday, down from 235 per dollar last week. It traded at 198.97 a dollar on the official interbank market. It had closed at 197 to the dollar last week on the market.
The central bank had on Wednesday denied about 1,599 bureaux de change agents, out of a total of 2,818 operators, access to its foreign exchange sales window, limiting supply.
“We hope by next week the issue around the suspension of some bureaux de change would have been resolved, otherwise dollar shortage may persist in the market, leading to further depreciation of the naira,” one trader said.