The naira tumbled against the dollar from
222 on Wednesday to 225 on Thursday, barely 36 hours after the Central Bank of
Nigeria banned importers of rice, textiles, tomato paste and 38 other items
from getting their forex needs, from the nation’s forex market.
The regulator had said the new rule would help
preserve the external reserves, facilitate the recovery of domestic industries
and generate employment opportunities.
But the ban, which economists said would see about
$5.7bn quarterly forex demand by importers of the items move from the official
to the parallel market, is already fuelling scarcity of dollar at the black
market and the Bureau De Change segment of the forex market.
The Acting President, Association of Bureau De Change
Operators, Alhaji Aminu Gwadabe, said the dollar sold for between 224 and 225
on the street market because many of the operators were hoarding their stock of
forex in anticipation of further rise in prices against the naira.



