Not Good!!! Naira Plunges Further, Now N205 Per Dollar

For weeks now and counting, the Nigeria Naira has continued to lose its value against Dollar, Closing yesterday with N208 for a Dollar

The drastic fall of the Naira earlier in the year prompted the government to ask Nigerians to brace for austerity measures this year.

Alhaji Abu Saidu a Bureau De Change operator said the Naira is still N205 against the dollar in Abuja. Explaining why the naira was depreciating in value every day, Alhaji Abu said... 

“the supply is less while the demand is high. It has nothing to do with the political season as speculated by some people.”

He explained that the supply was less because the CBN Governor stopped the autonomous value he gave the Bureau De Change every week. 

“In the past we were given $100,000 every week but now it has been drastically reduced to just $15,000. The reduction in supply is causing a lot of crisis in the economy because some people buy up to $10,000 or more but now we cannot afford to sell that to just one costumer anymore. With the little we get from the government how many people are going to share the money. There is a deficit already,” he noted.

On who fixes the price and how much the CBN sells a dollar, he said, ‘individual Bureau De Change fixes their price and sells to the highest bidder but we have a stipulated price we fix for ourselves. The CBN sells to us at the government rate which is about N168 to dollar.”