Forex scarcity continue as CBN resume intervention
Some indications show say banks dey ignore di Central Bank of Nigeria, CBN, directive wey tok say make dem grant dia customers withdrawal of foreign currencies from domiciliary accounts.
Meanwhile, Nigeria foreign exchange market don record drastic change following di market reforms wey dey introduced by di CBN, previous week.
Financial Vanguard findings show say di banks still dey restrict di amount of foreign currency wey customers fit withdraw from their accounts. Di excuse wey dem give be say di currencies still scarce.
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Dealers and di customers wey tok to Financial Vanguard lament say di situation has delay supply of foreign currency to di market.
But the drastic change for both structure and operations of di foreign exchange market, according to di Financial Vanguard findings don result in exchange rate convergence by default as di US dollar trade within narrow band across di three segments of di market, namely, di Investors and Exporters (I&E) window, di Bureau De Changes (BDCs) and di black market.
However, for di first time, di exchange rate for di official market (I&E) surpass wetin dey for di black market.
Meanwhile, dealers across all di segments dey face serious scarcity of di US dollars while CBN resume supply of di foreign currency last week, though na for very low volume.
You fit go read di tori OF CBN directive on foreign currencies…READ MORE
