Forex: “Expect to see 20% increase in the cost of building”

The real estate sector is directly impacted by the new forex rules that ban the sale of dollar to importers of 41 items.

The naira has weakened to 230 to the dollar in the parallel market, reflecting the impact of the rules. It affects real estate because iron rods, steel nails and roofing sheets are no longer valid for foreign exchange. Damola Akindolire, general manager, Alphamaed Property Development Company, discuss the impact on the real estate sector on CNBC Africa. Watch interview below: