The Nigerian naira has remained around 454 to the greenback, as the Central Bank of Nigeria (CBN) asks the bureau de change operators to sell at 385/$1.
The BDCs are getting forex from official sources at 375 per dollar and are mandated to sell at 385 to end users. About three weeks ago, the naira depreciated as low as 490/$1 and 601 to the British Pound.
Back then, Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), had attributed the free fall to activities of Nigeria’s immediate neighbors.
“For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe had said.
“What I mean by neighbouring countries is that a lot of demand is coming from Benin Republic, from Chad. International demand is also accumulating; we see a lot of Chinese traders coming into the economy, mopping up any available dollar.”
The naira had since recovered, following a deal between the Travelex, an international money transfer agency, and the bureau de change operators.