The naira fell to a record low of 345 against the dollar at the parallel market on Monday, February 16, 2016 extending its depreciation from nine to 11 per cent in less than two weeks.
This coincided with a time when the Bankers’ Committee announced plans to stop providing foreign exchange for school fees and medical bills payment.
The naira, which has been on a free fall in the past few weeks, fell steadily from 310 last week Monday to 335 on Thursday at the parallel market.
The acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said “We have legitimate demand from importers. However, people are also hoarding forex because they feel it may go beyond 400. Except there is a deliberate act to curb the activities of speculators, things may get worse.
“The current naira-dollar exchange rate is artificial; it is as a result of the negative perception about the naira, and the fear the naira may be devalued.”
The fluctuation in the global price of crude oil has made it quite uneasy and harder for Nigeria’s economy as it tries to recoup stolen funds from past administrations.