Nigeria’s currency on Tuesday depreciated at the black market by N4 as the dollar was trading at N443 compared with N441 traded on Monday.
The depreciation follows the announcement by the Federal Government on Monday that airlines would resume operations on June 21.
Investigation shows that traders have lost confidence in the ability of the Central Bank of Nigeria (CBN) to sell dollar to Bureau De Change Operators (BDCs).
“CBN will not sell dollars until next month,” one trader told BusinessDay.
CBN said on April 29, 2020 that it has 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 resumed.
Also at the retail Bureau, Naira lost N2 as the dollar was sold at N443 on Tuesday as against N441 on the previous day.
The CBN on April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.
At the Investors and Exporters (I&E) forex window, the foreign exchange market opened on Tuesday with an indicative rate of N386.38 per dollar. This represents marginal depreciation of N0.13k when compared with N386.25k opened with on Monday, data from FMDQ revealed.
Naira gained N0.83k as the dollar was quoted at N385.50k on Monday from N386.33k quoted on Friday at the I&E window.
