The naira fell to a record low against the dollar at the parallel market yesterday, closing at N527/$1 compared with N524 per dollar last Friday, according to data obtained from abokiFX.com (a website that collates parallel market rates in Lagos).
Following its sharp drop to record low of N525/$1 on July 28 in the wake of the Central Bank of Nigeria’s (CBN) announcement on July 27 that it would no longer sell forex to Bureaux De Change (BDC) operators, the naira had recovered to settle at between N509 and N510 per dollar at the parallel market.
However, the local currency started to weaken a fortnight ago, easing to N524/$1 last Friday at the parallel market. In announcing the apex bank’s stoppage of forex sales to BDCs over what he said was their illegal activities, CBN Governor, Mr. Godwin Emefiele, had disclosed that in addition to redirecting its weekly forex sales to BDCs to banks, the regulator would increase dollar allocations to the lenders to ensure that they meet all legitimate forex demands of their customers.
Although banks have also introduced measures to boost forex availability, a forex dealer, who spoke on condition of anonymity, told New Telegraph that while the banks had sufficient forex to meet legitimate demands, the large number of Nigerians seeking dollars outside the banking system, was pushing up forex demand at the parallel market, thereby weakening the naira at that segment of the forex market.
He said: “The CBN requires that for banks to sell forex to members of the public who need BTA, PTA, school fees and so on, such people, for instance, must produce documents like visa and a return ticket.
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