Since the suspension of trading information— citizens have resorted to street traders for the current parallel market rates of the local currency.
The Central Bank of Nigeria (CBN) had vowed to go after abokiFX and its founder Oniwinde Adedotun over “illegal foreign exchange transactions”.
The move made abokiFX suspended its daily updates of black market rates.
Yusuf, a currency trader at Eko Hotel, said the rate has been stable for a while now.
“We are selling at N570 and buying an N565. I can give you a discount of N1 if you want to change above $1,000,” Yusuf said.
Another currency trader in Ikeja said the rate has been stable in the last week.
Speaking at the midterm retreat of President Muhammadu Buhari’s second tenure, vice-president Yemi Osinbajo said the country’s exchange rate is artificially low, and it is deterring investors from bringing foreign exchange into the country.
Osinbajo called on the CBN to allow the naira to reflect the realities of the market.
At the official market, the currency dropped to N414.40 at the official site of the market, losing 0.02 percent.
A managed float fx regime is when exchange rates fluctuate daily, but central banks attempt to influence the rate by buying and selling currencies to maintain a specific range.
– The Cable