Nigeria’s currency, Naira has remained at N381/$1 in the black market today, August 2, as it was on Monday, August 1, NAIJ.com reports.
This would leave Naira’s black market value unchanged since it dropped 3 point from N378 to trade at N381 by midday yesterday.
According to currency traders and economists, the fall of the local currency is triggered by the increase scarcity of the dollar in the interbank market and likewise the parallel market.
A Lagos Bureau De Change operator said the lingering scarcity of forex at the interbank market was shifting dollar demand to the black market.
READ ALSO: Naira weakens to N365/$1 at parallel market
He disclosed that the dollar at N381 is totally unacceptable as many licensed traders have struggled with the liquidity issue.
READ ALSO: Naira crashes to N363/$1 at parallel market
His words: “The moment you think the naira was beginning to make gains over the dollar, the worst happens. Few weeks ago it was trading between N355/$1 – N360/$1. But all of a sudden it crashed to N375, to N378 and now N381. This isn’t the best of times for many of us as we still can’t lay our hands on a reasonable amount of dollar to sell.”
NAIJ.com recalls that CBN had in January, suspended dollar sales to BDCs due to decline in the country’s foreign exchange earnings, and sharp practices by BDCs.
However, in the month of June, the apex bank floated the naira as it introduced the foreign exchange policy, which allows for the determination of the exchange rate by market forces of demand and supply.
But in spite of the policy shift, scarcity of dollar has not allowed naira any respite as demand for dollars always outstrips supply.
Meanwhile, you can check out NAIJ.com's bureau de change 'market' here for the best rates on foreign exchange.