naira hit a record low of 338 against the greenback on Friday, a day
after the Bankers Committee announced its decision to stop providing
foreign exchange for school fees and medical bills payment.
announced the decision to include school fees and medical bills among
the items that are not valid for forex.
shortage of forex in the economy and the Bankers Committee’s sudden
decision to stop funding school fees and medical bills payment had
combined to increase demand for the United States currency.
naira, and the demand for forex by importers who have overseas
obligations have caused the demand pressure. This has been exacerbated
by the recent decision by the banks not to provideforex for school fees
medical bills payment,” a forex dealer said under condition of
coming days if the central bank fails to lift the dollar restriction,”
the Acting President, Association of Bureau De Change Operators, Aminu
Gwadabe, had said.
Nigeria’s oil-dependent economy, with external reserves down to an
11-year low at $27.89bn on February 9, Reuters reported.
that further depreciation will hurt poor Nigerians, but the CBN’s
refusal to revise the pegged exchange rate has widened a chasm between
official rate and the parallel market.
dollar sales to the BDC operators and allowed commercial banks to accept
dollar deposits, in a failed effort to shore up dwindling foreign
foreign exchange earnings come from crude oil exports, but mismanagement
of the refineries means the country must also import expensive refined
Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time
the CBN came up with a forex policy that would address the forex crisis
confronting the nation.
Thursday, Rewane said, “Nigerians are perplexed at the endless slide of
their currency, which is now trading at N325/$, the lowest point ever.
price is up at $31pb. The debate as on whether to devalue the naira is
not the real issue. The discourse should be whether we need an exchange
rate policy or not. The absence of a policy is a recipe for economic
anarchy and a race to the bottom.”