Foreigners Storm Nigeria for ‘Cheap’ Dollars

Following the continued appreciation of the Naira, currency speculators from Chad, Ghana, Benin Republic and other neighbouring countries yesterday trooped to Nigeria in a scramble for cheaper dollars.

The speculators took advantage of the early morning drop in dollar rates — at N202 to the dollar in Abuja and N210 in Lagos — to make brisk purchases.

However the greenback recovered late afternoon to close at N208 and N222 in Abuja and Lagos.



Banks have been rejecting dollar deposits across the counter, but inflows from foreign accounts are allowed. They lenders said they are unable to transfer excess liquidity to their correspondent banks overseas which are restricting importers from using domiciliary accounts.

The CBN said it would continue to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.



Written by PH

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