This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency.
Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Speculators lick the dust as Naira rebounds, exchanges 420/$
The naira exchanged to the dollar at the parallel market at N420/$ on Wednesday, following the interventions made by the Central Bank of Nigeria in the Investors and Exporters window.
Prior to CBN’s renewed intervention in the I&E window on Monday, the naira exchanged for as high as N480 to the dollar.
Speculators in Nigeria’s foreign exchange market would count huge losses as the naira continued to surge against the dollar, experts have said.
Director, Corporate Communications Department at the CBN, Isaac Okorafor also restates this claim in a statement entitled “Forex: Speculators set to count losses.”
The CBN had said that it would also resume the sale of foreign exchange to operators of Bureau de Change from September 7.
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