The scarcity of foreign exchange bites harder, pushing the dollar to N465 at parallel market.

Traders in Lagos and Abuja said that there were no forex to sell or buy in the market, with the situation creating acute scarcity.

The pound sterling, also in high demand, traded yesterday at about N540.

The deposit money banks refused to implement the directives given them by the CBN to sell forex to BDCs to boost liquidity in the sector.

A circular signed by acting director, trade and exchange department, Mr W.D. Gotring, with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016, said that all international money transfer operators would be required to remit foreign currency to agent banks for disbursement in Naira to beneficiaries.

The CBN Governor, Godwin Emefiele, also at the last Monetary Policy Committee’s meeting, frowned at the banks attitude of not implementing the order.

The President of the Association of the Bureau De Change Operators, Aminu Gwadabe, told the Daily Trust, yesterday, that the banks were not selling forex to them, despite the intervention by the CBN.

He said that some banks held money belonging to his members for weeks without supplying them with forex.
“Another problem is speculation in the BDCs market which many people are taking advantage of,” Gwadabe said.
“A lot of people are hording the forex because of what is happening in the market.”

A source at the CBN told the Daily Trust that the apex bank would start direct sale of forex to the BDC operators Friday through the Travelex.

The initiative was intended to ease stress faced by the BDCs in accessing forex from the banks, the source said.

When contacted the acting director, corporate communications, CBN, Mr Isaac Okorafor, said that as the yuletide season approached, it was normal for forex demand to increase.

He warned speculators to desist from mopping up the forex, warning them that if they continued, they would lose their money.

Source: DAILY TRUST