The Naira on Friday, January 23, depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, January 19, the News Agency of Nigeria (NAN) reports.
The rate has made the Naira to lose N16.50 within five days.
The Central Bank of Nigeria’s website, however, put the Naira against the dollar at N167.50, while the Pound sold for N253.20 and the Euro stood at N193.89.
The development has resulted into speculation in the market and caused ripple effects on other currencies.
According to the Vanguard, some Bureau De Change and Black Market operators in Lagos said that they could not give rates to the Pound Sterling and the Euro.
Reportedly, dealers who preferred anonymity said that there was scarcity of dollars in circulation. They warned that the naira could depreciate further by next week.