New CBN Policy: Bureaux De Change Lament Low Patronage In Ilorin

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CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

From Victor Seyi, Ilorin

Bureaux de change operating in Ilorin Kwara State have complained about low patronage as the Naira fell further to a new record low of N240 against the United States dollar.

The traders, in separate interviews with The Dream Daily business desk on Tuesday at Kwara Hotels, GRA Ilorin Ilorin, said business has been dull in recent times, stressing that that they hoped things would improve soon.
It was gather that there has 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 has shifted dollar demand as many people turn to black market for their forex transaction.
A trader who identified himself as Baba Idowu at Kwara Hotels said the naira which was sold for N218 before the new rule started dropping steadily, regretting that the situation hold back their regular customers who still hope for improvement before coming to transact business.

Reacting to the development, a member staff of the Central Bank of Nigeria, Ilorin branch who did not want his name in print as he was not authorised to comment on the matter said the situation arose because some importers prefer going through black market channels for their undocumented transaction rather than following the right source.
He said in the interbank market, the naira closed at N196.95 to the US dollar.

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