Naira Depreciates the More against Dollars by N7

As of today, August 6, the Naira has further depreciated against the US Dollar by N7 closing in at N222 to a dollar.
On Wednesday the dollar cost N215 in Lagos and Kano.

An anonymous source from the Bureaux De Changes (BDC) explained why the gains recorded on Wednesday could not be sustained on the following day. The dollar sold to the bureaux by the CBN was bought by people who felt that the naira would fall, as the CBN may not be able to sustain the sale of more dollars to the parallel market.

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