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It’s an interesting question. But, until foreign investors return from their holding formation outside Nigeria, CBN will still be the biggest source of dollars in the market. I suspect (this is just my guess) that the CBN will keep one eye on the fuel price when selling its dollars to those FXPD creatures.
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About 30 per cent of my cost is dollar, with inflation at 17 per cent, everything has grown by 17 per cent, and fuel pump prices also went up. I even increased the salary of my staff, where reduction of staff was less than 10 per cent, and despite all that my cost was flat, so something must be working.
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The Price Club: The New Nigerian Naira. 2.1.2Authorised Dealers shall buy and sell FX among themselves on a two way quote basis via the FMDQ Thomson Reuters FX Trading Systems (TRFXT Conversational Dealing), or any other system approved by the CBN. (this is just my guess) that the CBN will keep one eye on the fuel price when selling
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