Wednesday, September 28 2016 10:52 AM /News
Indications emerging from the parallel market reveal that majority of the BDCs may not be able to meet the immediate demands of FX users due to low supply in the market.
There has been high demand of Foreign Exchange and it has not been business as usual as the BDCs are current finding it difficult to sell almost immediately to end users except after recording some inflows over a few days.
A look at the movement in parallel market rate for the US Dollar in the last two weeks reveals that the dollar exchanged for N422/$1 as at September 6, 2016 while it has moved up to exchange at N446/$1 as at September 27, 2016 representing about 5.69% upwards movement.
However, FX at the interbank market which exchanged at N314.92/$1 as at September 6, 2016 closed at N312.98/$1 as at yesterday.
1. CBN Issues Additional Requirements on Sales of Foreign Currency Proceeds of IMT to BDCs