Scarcity of Dollar Gets worsen
Lagos parallel market as
traders struggle to come to
terms with last week’s raid by
security operatives, the News
Agency of Nigeria reports.
The situation worsened the
scarcity of the greenback as
traders’ fear that men of the
State Security Service (SSS)
were still disguising as
potential foreign exchange
buyers in the market.
A currency trader, who
pleaded anonymity, said the
situation might further erode
the gains made by the CBN in
ensuring the sale of the
proceeds of Diaspora
remittances to BDCs.
Meanwhile, currency traders
said that it was difficult to
put a price on the dollar since
it had become scarce.
However, the Pound Sterling
and the Euro closed at N560
and N500 at the parallel
market.
At the BDC window, a dollar
traded at N385/N400, CBN
controlled rate, while the
Pound Sterling and the Euro
closed at N555 and N500,
respectively.
The Naira lost 25 kobo at the
interbank market to close at
N305.25, from N304.75
recorded on Friday.
Some operatives of the SSS
had on Thursday raided some
unregistered BDCs and
parallel market traders over
an alleged arbitrary sale of
forex above the official price.
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