The naira dropped 2% to a low of 251 to the dollar on the unofficial market this week as the Central Bank of Nigeria (CBN) reduced dollar supplies to bureaux de change operators due to incomplete documentation.
Traders said:
CBN sold $30.5 million to 1,017 bureaux de change agents, excluding around 1,801 others from its weekly sale. Wednesday’s sale was lower from the $84.5 million it offered two weeks ago.
On the official interbank market, the naira traded at 199.47 at 1139 GMT, close to a rate at which it has been pegged since February. Nigeria’s dollar reserves shed 1.1 percent in a week to $29.59 billion as of Dec. 7, central bank data showed on Wednesday.
The naira has had its fair share of a roller coaster ride in recent months due to the pressure on the CBN to devalue it, because of the drop in global oil price.