The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market.
The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators.
The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market.
However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at the close of business today.
“The persistent dollar scarcity with shrinking liquidity in the market is one of the major unintended consequences of the shutdown of the BDCs window.”
Deposit Money Banks had however commenced forex sales to customers wishing to pay school fees and the SMEs making essential imports needed to revamp economic activities across the country.
The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators.
The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market.
However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at the close of business today.
“The persistent dollar scarcity with shrinking liquidity in the market is one of the major unintended consequences of the shutdown of the BDCs window.”
Deposit Money Banks had however commenced forex sales to customers wishing to pay school fees and the SMEs making essential imports needed to revamp economic activities across the country.
