Forex dealers said the development led to a scarcity of the greenback and the subsequent depreciation of the local currency in the parallel market. The naira fell 2 per cent to a low of N251 to the dollar from the N249 it traded at the previous day.
According to dealers, the apex bank sold $30.5 million to 1,017 BDC operators, excluding around 1,801 others.
Wednesday’s sale was lower from the $84.5 million it offered two weeks ago. A Lagos-based BDC operator, who spoke on condition of anonymity, told the New Telegraph that the regulator sold dollars to 670 out of about 1800 based in the state.
According to him, the reduced supplies of dollars to BDCs resulted in a sharp increase in demand for the United States currency and the consequent depreciation of the naira.
He said, “Although I am happy that my firm was among those that the CBN sold dollars to,but at the same time it is very hard for us to meet the high demand for dollars in the market now. Already, I have exhausted the stock of dollars that I bought and many of my customers are still calling me asking for more.”
The apex bank also shut out dealers from the sales of foreign currency last week Wednesday.
