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Raid by DSS worsens dollar scarcity at parallel market

Suspicion and fear permeates the Lagos parallel market as traders struggle to come to terms with last week’s raid by security operatives, the News Agency of Nigeria reports.

The-Naira-against-the-dollar_5-e1426945959489The situation worsened the scarcity of the greenback as traders’ fear that operatives of the Department of State Services were still disguising as potential foreign exchange buyers in the market.

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A currency trader, who pleaded anonymity, said the situation might further erode the gains made by the Central Bank of Nigeria in ensuring the sale of the proceeds of Diaspora remittances to the Bureau De Change operators.

Meanwhile, currency traders said that it was difficult to put a price on the dollar since it had become scarce.

However, the Pound Sterling and the Euro closed at N560 and N500 at the parallel market.

At the BDC window, a dollar traded at N385/N400, which is the CBN-controlled rate, while the Pound Sterling and the Euro closed at N555 and N500 respectively.

The Naira lost 25 kobo at the interbank market to close at N305.25, from N304.75 recorded on Friday.

NAN recalls that some operatives of the DSS had on Thursday raided some unregistered BDCs and parallel market traders over an alleged arbitrary sale of forex above the official price.

4 Comments on Raid by DSS worsens dollar scarcity at parallel market

  1. Na wa oo… which way na

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  2. SIMPLE, LET NIGERIA ADOPT DOLLAR AS CURRENCY NOW.

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  3. The DSS should continue to raid those economic saboteurs. If they are forced to sell the US dollar at a particular price, they in turn will compel the people they purchase these dollars from to also sell to them at a reduced price!

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  4. oshios oshios // November 16, 2016 at 10:53 pm // Reply

    motor get accident, conductor go jail and the driver is cooling off in the comfort of his home. How did they get the dollars? Did they break into CBN and steal them. Noise makers.

    Like

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