Close followers of the foreign exchange market said on Thursday that the speed at which customers swooped on the available supply was indicative of the growing apprehension by forex dealers who are anxious to dispose the stock at their disposal in anticipation of a further crash in the dollar value in the market.
“Since the CBN began its direct supply of dollars to the interbank market, there has been so much uncertainty. Nobody seems to know what is going to happen the next moment with the value of the dollar.
“We the dealers are anxious to dispose whatever we have at our disposal, because we do not want to suffer a loss,” Auwal Mustafa, a forex dealer in Wuse Zone 4 in Abuja said on Thursday night.
The Central Bank spokesperson, Isaac Okorafor, said the dealers would have value for their respective bids on Friday, March 24, 2017.
Mr. Okorafor said the highest and marginal bid rates were N330 to the dollar and N320 to the dollar, respectively.
He said no intervention was made on Thursday by the Bank to meet requests for invincibles, including basic and personal transport allowance, school fees and medical fees by customers.
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