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The
parallel market phase of the interchange market listed one United States dollar
to N245 yesterday when it opened the day at N242/USD1.00. The charge per unit
on Tues was N240 and N238 on Mon.
Dealers
within the parallel markets expressed fears that at the on-going speed of slide
the charge per unit would possibly hit the N250/USD1.00 low by next week.
But
reacting to the event, CBN’s Director of corporate Communications, mister
Ibrahim Muazu, told Vanguard that there was no would like for panic at the
event, adding that it may be simply a temporal reaction to the change in
policy.
Defense
of the recent exchange measures taken by the central bank to hold the dwindling
foreign reserves, Muazu aforementioned the CBN wouldn’t be pressured into
additional devaluation of the Naira that he aforementioned was the intent of
some sections of the foreign communities.
He
expressed the parallel market cannot trigger any slump since all major
interchange demands for eligible imports bear the official exchange market that
has not solely remained stable however has been totally provided by the CBN to
this point.
Operators
of Bureau de Change confirmed that large demand for currency exchange began to
inundate them moreover because the black market as results of the CBN’s shut
off of forty one things from the official market 3 weeks past.
But
Muazu denied this assertion, stating that CBN’s findings was that the
offer/demand gap being experienced within the parallel market was as a results
of supply shortages in this phase following the plugging of loopholes from the
official markets that had thus far leaked into parallel market through
spherical tripping.
He
said that alternative economic crimes like money laundering were major drivers
of what's happening within the parallel market nowadays.
President
of BDC Operators of Federal Republic of Nigeria, Aminu Gwadabe, had given reasons
for the steady decline in price of Nigerian monetary unit within the parallel
market to incorporate “over regulation of the bureau de amendment and money
markets, accrued Nigerian monetary unit liquidity chasing fewer greenbacks,
intense billboard and speculative activities, inability of banks to satisfy
readable and bonafide demands and alteration policies of CBN.”
However,
Vanguard interactions with a number of the parallel market dealers, yesterday,
indicated that the majority of them are driven by speculations that the country
was money strapped in foreign currency; thence they're hiking the charge per
unit on fears of future real insufficiency.
On
the opposite hand, some speculators square measure taking positions against
doable devaluation within the face of continuing pressure on the CBN from each
inside and out of the shore of Nigeria.