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Banks quote dollars at N390 amid surge in demand

The oil price collapse may also quickly be turning into a severe foreign currency crisis for Nigeria where panic buying of the dollar becomes very pronounced with local banks today, quoting the greenback at N390 for offshore traders, sources told BusinessDay.

Concern is growing among some investors that Africa’s largest producer of crude may be pushed to devalue its currency, leading to foreigners taking a haircut on their funds.

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Dollar reserves have decreased by 20 percent in the past two years to the lowest since November 2017, and may soon reach the $30 billion threshold set by Governor Godwin Emefiele for the country to consider a devaluation.



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