The declining fortunes of the Nigerian naira persisted on Wednesday, with the currency experiencing further depreciation in both the parallel and official markets.
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This downward spiral is attributed to the re-emergence of speculation and hoarding, even as some Bureaux De Change (BDCs) have withdrawn from the Central Bank of Nigeria’s (CBN) dollar sales program.
According to reports, the naira fell to N1,435 per dollar in the parallel market, depreciating from N1,415 per dollar on Tuesday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,421.06 per dollar, indicating a N4.49 decline from the previous day’s rate of N1,416.57.
Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar, up from N1.57 per dollar on Tuesday.
In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. However, despite holding three editions of the dollar sales, BDC operators have complained about the slow disbursement of the funds, taking three to four weeks between payment and receipt of the dollars.
Vanguard reliably gathered that due to these delays and the uncertainty in the forex market, some BDCs have requested the CBN to refund their naira payments, with some already receiving their refunds.
Speaking anonymously, the Chief Executive of a BDC stated, “I think the CBN is overwhelmed. You pay money, and it takes one month for you to collect $10,000. It is over a month now since they intervened, and they have not intervened again.”
Another BDC operator expressed frustration, saying, “There is no supply. The CBN supply is slow. They sell one tranche for one month. It is too low. If they don’t have the money, they should tell us we don’t have the money.”
Vanguard’s investigations also revealed the re-emergence of speculation and hoarding in the forex market due to the steady depreciation of the naira in the last three weeks. A BDC operator anonymously stated, “You know people are still doubtful. A lot of people now, at any opportunity, buy dollars and keep, thinking that the rate will go up again. So speculation and hoarding are still happening.”
Despite the nationwide raids and arrests of street currency hawkers, the naira’s decline persists, exacerbating concerns about the currency’s stability and the overall economic situation in the country.
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