This is as the Central Bank of Nigeria resumed foreign exchange
sales in April ending to commercial banks, to be made accessible to
customers wishing to pay school fees, and businesses making essential
imports needed to revamp economic activities across the country.
This followed its one-month forex sales suspension at the onset of the lockdown occasioned by the COVID-19 pandemic.
According to Punhc, the continued ban placed on flights in the
country by the Federal Government had further affected access to forex
by Bureau de Change operators, but the regulator had assured them forex
would be extended to them when flights resume.
The President, Association of Bureaux De Change Operators of
Nigeria, Alhaji Aminu Gwadabe, said the suspension had no doubt caused
speculation, volatility and spikes in the market.
He said, “Speculators are taking advantage of the fact that the
major source of foreign currency liquidity is now foreign debt not
petro dollars.
“The CBN and the presidential task force need to extend
essential services to BDCs to checkmate the unfortunate behaviours of
speculators to save our local currency.
“Our economy is mostly dependent on imported textiles, refine oil, food, and medicals, among others.
“There is also a need to look beyond traditional sources of
foreign inflows of currency liquidity to more germane sources like
diaspora remittances and backward integration.”
He added, “The parallel market rate has jumped to N452/$ today
(Wednesday) and the trajectory, going forward, is worrisome and
disturbing except the BDCs are returned to essential services.”
The Deposit Money Banks, have, however commenced forex sales to
customers for school fees, while SMEs making essential imports needed to
revamp economic activities were allowed to bid for forex.
At the partial resumption of forex sales, the CBN said it was providing over $100m per week for school fees and the SMEs
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