SSS raid worsens dollar scarcity

[Photo: www.worldofstock.com ]
[Photo: www.worldofstock.com ]

Suspicion and fear permeates 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 situation worsened the scarcity of the greenback as traders’ fear that men of the State Security Service (SSS) were still disguising as potential foreign exchange buyers in the market.

A currency trader, who pleaded anonymity, said the situation might further erode the gains made by the CBN in ensuring the sale of the proceeds of Diaspora remittances to BDCs.

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, 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.

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

(NAN)


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  • Gidi

    Like i said in my earlier comment, which Premium Times blocked, this SSS interference in free market is only going to make matter worse. They will not only drive these guys underground, but increase the level of uncertainty in the economy.

    Frankly, I have lost total faith in this administration.

    • Von Stauffenberg

      Word

  • Lateef Kadiku

    exchange rate is a purely economic issue, why is the government involving SSS? This approach will not solve any problem at all!!!!what does PMB think about this?