Although queues resurfaced in most banking halls nationwide, specifically at the forex section, banks were able to meet demands of customers requesting
Consequently, commercial banks had sent out emails and adverts urging customers to approach their branches to request foreign exchange. This, the bank CEOs said, is in compliance with the CBN circular to banks asking them to create dedicated desks to service forex demand.
The naira which had crashed to N525 to the dollar last week has begun firming up as speculators who had bought the dollar at that price are beginning to count their losses. The value of the naira has continued to sustain its appreciation. Yesterday, the naira closed at N510 to the dollar on the parallel market.
At the Nigeria Autonomous Foreign Exchange market, the value of the naira had depreciated slightly from N411.44, which it closed last week Friday, to N411.50 as at the close of business yesterday. “This has become a source of concern to the regulators and rightly so. What happened was that these guys will buy the dollar at N400 and an hour later sell it at N500. So, in 2000, we had 74 BDC operators. By 2010, it had increased 27-fold. In other words, we had 2000 operators from 74. By 2020, the figure had gone up to 5000.”
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