Fear grips currency dealers in Nigeria as more 50% may close shop
More than half of about 5000 Bureau De Change operators , in Nigeria may be forced to close shop if the CBN sustain its plans to abrigde the wide gap between the official exchange rate of the naira to the dollar at the interbank market and the parallel market.
By December 2016, a dollar sold for N530, a situation that created tension in government cycles.
But the apex bank’s Governor, Godwin Emefiele, said the reason government is striving to have a single exchange rate for the country is because, both the local and International analysts were basing the economic performance on the rates from the unofficial quarters.
However some of the Bureau De Change operators told Emagazine that most of their clients have in since February 2017 deserted them for commercial banks, which are now opening kiosks at shopping malls and airports to compete with the parallel marketers.
“From all indications, more than half of us will close shop if the trend continues.
“The only way out will be for the government to stop pegging the rate of exchange, as we survive by negotiating prices with our customers, ” Alhaji Jubril Inua, managing director, JBHassan Bureau De Change, said.
The naira sold at N312 a dollar as interbank rate on Friday and N360 at the parallel market.
Reports say many of the black market dealers are losing all patronage as the commercial banks now take dollars to the door steps of potential buyers.