Following a temporary suspension of sale of forex to the Bureau De Change operators in the Nigeria by Apex Bank has led to significant depreciation of the Naira.
Though JP Morgan predicting a further depreciation of the Naira before June, as Naira dipped significantly against the US Dollar at $1/N412 in the parallel market.
While the Naira has crashed in its value due to the low price of crude oil in the international market and global economies over the coronavirus pandemic.
in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.
The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to constant pressure on the country’s foreign reserve
Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.