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Forex traders reluctant to buy dollars, sells at N490/$1

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Forex traders around lkeja area of Lagos are reluctant to buy dollars as the currency is fast falling against the Naira!

Today (Thursday, February 23, 2017), $1 is being reluctantly bought at N490 at the black market as fear that it might fall further is strong. In the last few days, Nigeria’s currency has gained over N30 against the dollar.

Initially exchanging for N525/ $1 on Monday, February 20, it consistently lost over the days, trading at N505 yesterday (Wednesday, February 22).

And today, many of the forex traders are not even buying dollars. They claim that at the rate it is falling, it will be difficult to make profit. They are waiting to see if the new policy by the Central Bank of Nigeria allowing more people access to forex at around N360/ $1 will be sustained.

Nigerians travelling abroad are now eligible to  $4,000 personal travel allowance per quarter. And those who have medical challenges and parents with wards and children in universities abroad can now access forex at the same rate of N360/ $1.

Though, there are no reports of banks or bureaux de change selling at this new rate yet, speculation is driving down the price.

 

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