Pressures from poor availability of the American dollar in the currency market crashed the value of the Naira to N402 against the currency on Friday, the same day the suspension of forex trading by street Bureaux de Change (BDCs) took effect.
The closure will last two weeks and has the backing of the central bank.
Demand for the American dollar had dwindled in the days preceding the suspension, owing to significant plunge in international travel and international trade but a complete shutdown of parallel market operations means supply will be nearly zero, thus triggering a spike in the exchange rate.
The Central Bank of Nigeria (CBN) had barely a week ago devalued the Naira by 4% to N380 uniform rate when it became obvious that fixing the exchange rate at N360 was not sustainable.
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