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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