As a consequence, Nigeria’s foreign exchange reserves have increased to $27B and foreign investors have just shown that there is still a strong appetite for Nigeria’s market with an oversubscribed Eurobond.
There’s a lot more dollar in circulation at the moment than there was last month or two months ago.
Analysts say the gains of the past couple of days in the country’s forex market can be sustained if the CBN and deposit money banks show more transparency in their dealings and if the apex bank stops rigging its own forex market.
The only way to put speculators out of business, one financial analyst told Pulse, is to make sure the interbank has sufficient forex to trade.
CBN officials have often been accused of selling forex to the black market and bypassing the banks, because there’s more bang for the buck that way.
Once there’s an artificial dollar scarcity at the official channels, the black market waits in the wings to make a killing, Pulse was told by two bankers who contributed for this story separately.
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