The naira has remained at the same exchange rate of N465 per dollar in the black market on Monday, November 21, as it was on Friday, November 18.
But while the local currency was able to make some gains over the Euro, trading at N490 from N500, it weakened against the pound sterling to N565 from N560.
The recent depreciation of the local currency can be attributed to the recent raid on the market by the operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC). It was gathered that the raid had instilled fear among BDCs.
The clampdown followed a meeting between the Central Bank of Nigeria (CBN), the SSS and leadership of the Bureau de Change (BDC) association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.
However, currency traders believed there is hope that the naira may appreciate against the dollar.
Also, experts have predicted that the naira may likely make some gains over the dollar but it may not be sustained.
Meanwhile, check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.