One way to reduce the pressure in the foreign exchange (forex) market is for the Central Bank of Nigeria (CBN) to resume the sales of dollars to Bureau De Change (BDC) operators.
This was disclosed by the founder of Agusto and Co Limited, Mr Bode Agusto, during a webinar titled: “Nigeria in 2022 – Will 2022 Be a Year of Strong Growth Driven by Herd Immunity from COVID-19?”
Mr Agusto also projected that if the CBN maintained its current stand not to sell dollars directly to the BDC operators, the naira to dollar exchange rate would depreciate to N620/$1 in the parallel market before the end of 2022.
Mr Agusto stated that the naira would continue to suffer in the parallel market if additional liquidity was not brought into the market through the BDCs.
He said, “We see continued pressure on the parallel market exchange rates. And the only way to reduce pressure in the parallel market is to throw money thereby selling dollars to…