By Modupe Gbadeyanka
There is uncertainty in the foreign exchange market in Nigeria due to the low subscription of the $100 million offered for sale by the country’s central bank on the wholesale spot market few days ago.
Business Post gathered that only $45 million was accessed by the lenders during the exercise.
According to what we learnt, most of the authorised forex dealers are scared that the Dollar may soon crash at the market.
For a time now, the Central Bank of Nigeria (CBN) has been pumping Dollars into the forex market in a bid to give the Naira more value.
Forex dealers, as we gathered, are afraid that the Dollars at hand now make be of lesser value with the tempo Dollar supply by the apex bank.
The central bank has expressed confidence that the forex market will remain liquid and that Nigerians who genuinely require the forex will get ample access to the currency
Since the United States President, Mr Donald Trump, made the surprise declaration that China was not manipulating the value of the Yuan, the Dollar has crashed against major currencies.
It is believed that the Dollar will begin another round of crash in a matter of time.
