Sources within the Bureau De Change (BDC) in Nigeria have it that the Nigerian currency is presently selling at N290/dollar.
The Naira appreciated against the dollar yesterday, prompting BDC operators to buy the dollar, resulting to a huge drop in the value of the Naira.
On Thursday morning, the dollar was trading at 290 against the Naira. There are reports the value of the Naira may deteriorate further.
There are also fears that the Nigerian government may not be able to contain the huge dip in the Naira’s value against major currencies, which could lead to increase in inflation and interest rates.