THE NATION
The measures introduced by the Central Bank of Nigeria (CBN) to rescue the naira have triggered volatility among currency dealers.
A survey yesterday by The Nation showed that inconsistent pricing and cautious optimism characterised the parallel market in Lagos and Abuja where traders grappled with the implications of the apex bank policies.
The triggers are the reduction of dollar sales to Bureau De Change operators from $20,000 by half and the hike in interest rate by the apex bank to 24.75 per cent from 22.75 per cent at the 294th Monetary Policy Committee (MPC) meeting on Tuesday.
According to a CBN circular released on Monday, BDC operators will as from today, be able to buy $10,000 worth of forex at N1, 251 per dollar as against the $20,000 allocation and N1, 301 per dollar rate offered last month.
It was confusion for potential forex buyers yesterday at Wuse Zone 4, a major foreign exchange hub in Abuja, as currency traders offered the dollar at varying rates. Some quoted N1, 250 per dollar and others offered to sell as high as N1, 330 per dollar. The inconsistency created uncertainty for those seeking to exchange the naira for the dollar.
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