FOREIGN exchange (forex) speculators from Benin Republic, Niger, Chad, Sudan, Ghana and other African countries are cashing in on the wide margin between the official and parallel market rates to make huge profits ,The Nationhas learnt.
The speculators are moving in huge dollar deposits to meet the rising demand by Nigerian importers and other buyers requiring dollar to pay their children’s school and medical fees.
Although the exchange rates are high, the urgency and necessity left the buyers with no option than to buy from the parallel market.
The official exchange rate has remained at N197 to a dollar in the last six months, creating a huge gap between the official or interbank rates and parallel market rates.
The speculators are moving in huge dollar deposits to meet the rising demand by Nigerian importers and other buyers requiring dollar to pay their children’s school and medical fees.
Although the exchange rates are high, the urgency and necessity left the buyers with no option than to buy from the parallel market.
The official exchange rate has remained at N197 to a dollar in the last six months, creating a huge gap between the official or interbank rates and parallel market rates.