A currency dealer counts bundles of naira banknotes for exchange on the ‘black market’ in Lagos, Nigeria. Photographer: Tom Saater/Bloomberg
The factors responsible for reduced forex supply to the HNS market include, firstly, the ex-military regime-dictated withholding of Federation Account dollar allocations in favour of disbursement of prorata CBN fiat printed naira funds to the tiers of government for budgetary spending. Only a reduced stream of forex by way of CBN interventions reaches the HNS market intermittently from the CBN withheld Federation Account dollar allocations .
Thirdly, a significant proportion of the above utilised, forex by the invisible sector gets sequestered in forex domiciliary accounts thereby swelling and sustaining multiple currency practices which were decreed into existence in 1995 under the military regime. Private sector export earnings including foreign direct investment funds of establishments like international oil companies are also warehoused in forex domiciliary accounts.
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