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After
four weeks of forex sales suspension, the CBN resumed the provision of foreign
exchange to all commercial banks for onward sale to parents wishing to pay
schools fees and small businesses wishing to make essential imports needed to
revamp economic activities across the country.
The
President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the partial
lifting of the suspension on forex helped to flatten the curve in the forex
market.
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He
said, “The partial lifting of the suspension on forex
sales through the CBN announcement on school fees and the SMEs imports funding
through the CBN window was what broke the camel’s back and a drive toward
flattening the curve in the forex market, and led the naira to gain over 3.5
per cent strength over the dollars from an all high of N470/$ on Wednesday last
week to N430/$ at the close of business today (Monday). The noticeable
frivolous demand that had pervaded the market during the period of the lockdown
had been upturned by the lifting of the suspension.
“It is imperative to note that the road to price discovery in the
market will be achieved as soon as Bureau de Changes resume operation to a more
realistic rate of N405/$ in the month of May. We the BDC operators urged the
CBN to resume the sales of forex to the BDCs for a better market price discovery
and effective liquidity to continue to defend the value of the naira and the
infant industries.”
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The
Director, Corporate Communications, CBN, Isaac
Okorafor, had stated that the CBN had made complete arrangements to resume
foreign exchange sales to the BDC segment of the market for business travels,
personal travels, and other designated retail uses, as soon as international
flights resume.
He
stated, “With these actions, the CBN wishes to
reiterate that it is adequately meeting the needs of all legitimate users, and
our continued capacity to do so should not be in doubt. There is therefore no
need for panic by any end-user that could necessitate recourse to illegitimate
sources and spike in foreign exchange rates. Given this, the bank has ramped up
its surveillance of the foreign exchange markets for speculators, smugglers and
other illegal users, and will take decisive actions against anyone/institutions
involved in such nefarious activities.” (Punch)
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