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Black Market Speculators Selling Dollars @ 420 Naira For A Dollar At The Presidential Axis In Port Harcourt

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Today ‘s dollar rate at the popular dollar market around the presidential area is sold for N420 or 415 depending on your bargaining power and subject to price fluctuation due to oil falls. our correspondent who monitored the alarming situation reports that bureau the change operators popularly called Mallams are parading the naira to a dollar at 420, 415, 405The CBN had in a statement on Thursday expressed displeasure over speculative activities of unscrupulous players in the foreign exchange market who are allegedly acting on speculation borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

At Bureau D change market in port Harcourt naira exchanged between N405 and N420 to a dollar as at Friday 13th march 2020.

The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary. “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector. ”CBN had maintained stability at N360 in more than three years and warned the BDCs against contraventions.

 

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