Jan 8 (Lagos) - Naira almost broke the low price of 2015 in the first week of 2016 as the Central Bank of Nigeria cut Dollar Supply to its registered Bureaux De Change (BDC) operators to $ 10,000 a week from previous $ 30,000 a week.
Such a sharp cut in Dollar Supply made matters worse at the BDC market with Dollar Demand still at the same levels before the CBN decided to cut the supply levels. The Naira has declined to 279 against 1 Dollar very close to the 280 levels which were lowest for 2015.
Traders who spoke with various newspapers said they expected the situation to worsen further next week.
While some people glossed over the slight appreciation in the Naira (to 262/$1) over the festive break, the situation is not in control and investors and business are facing a very tough environment.
reporting for easykobo.com on Friday, January 8 2016 from Lagos, Nigeria
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