Dollars and other major international currencies are being heavily drenched in the black market as traders are neither buying nor selling!
This afternoon (Friday, February 24, 2017), forex traders in Ikeja area of Lagos, are apprehensive as they refused to entertain eager customers desperate to offload.
Naira has appreciated to N450/ $1 this afternoon, but no one is trading as fear of further fall is imminent.
From Monday (February 20) when it exchanged for N525/ $1, it has been on a free fall following Central Bank of Nigeria’s announcement of expanding access to travellers, students in universities abroad and those seeking medicare at N360/ $1.
Expected to reach below N400/ $1 next week at the black market, many are hoping that CBN would sustain the pumping of forex into the market so that inflation, now above 18.72%, can fall.
If this new policy is sustained, black market speculators would be burnt – and sanity would return to forex market with prices of goods and services stabilising to reasonable levels.