Naira devaluation: Bureau de Change laments low patronage in Ilorin

Bureau de Change Traders in Ilorin, Kwara State have complained about low patronage as naira fell further to a new record low of 240 against the United States dollar.

The traders during their separate interviews with Pilot Business at the weekend in Kwara Hotels, GRA, Ilorin expressed setback in their businesses, saying that they hope things improve soon to salvage their businesses.

It was gathered that there have been frequent fall in naira at the parallel market since the introduction of new policy measure two weeks ago by the CBN banning importers of 41 items from the interbank market. The development, it is noted had shifted dollar demand as millions of people run into black market for their transaction.

A trader who identified himself as Baba Idaya at Kwara Hotels said naira which was sold for 218 before the new rule started dropping steadily; regretting that the situation holds back their regular customers who still hope for improvement before performing transactions.

Another trader, Mr Tunde of Vob Concepts said the transaction lies on the law of demand, saying that the rise and fall lately has affected their market greatly.

He said dollars as at last Friday is 240 buying and 235 selling likewise pounds is 360 selling and 355 buying while euro is 259 selling and 256 buying respectively.

He explained that the initial difference in the margin (that is buying and selling) was 2 naira but now it is 5 naira due to the current situation.

This, he stated was so because people have been hoarding dollars since black market is the only means of exchange for some importers since the CBN restriction policy.

Reacting to the development, a staff of the Central Bank of Nigeria, Ilorin Branch who didn't want his name in print as he was not authorised to comment on the matter said the situation is because some importers prefer going through black market channel for their undocumented transaction rather than following the right source.

He said in the interbank, the naira is still closed at 196.95 to the US dollar.

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