Speculators record billions loss as naira appreciates


Grace Cofie

At the Investor and Exporter forex window, the naira appreciated by 0.8 per cent to close at N414.73 on Wednesday but the Central Bank, however, maintained the official rate at N411.37 on its website.

The naira also appreciated in the parallel market as the dollar was sold for N540 on Wednesday.

The dollar, which was bought and sold for N578 and N580 as at the end of September, was bought and sold for N540 and N543 at the parallel market earlier this week.
Traders have said speculators hoarding dollars would be losing a lot of money.

Bureau De Change (BDC) operators said the demand for foreign exchange was not high.

“Many people who travelled have arrived and many who have kept the forex would be losing a lot,” said a BDC operator.

Another said, “The naira had been appreciating and many who kept the forex would be losing a lot.”

As part of the CBN’s effort to tame the free fall of the naira, it stopped the sale of forex to the BDCs.

While speaking, the CBN has said the BDCs had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

At the last Monetary Policy Committee meeting held in Abuja, the committee urged the CBN to further steps to restrict the activities of unauthorized and illegal dealers in the forex market.

The apex bank has said all forex transactions must be conducted at the I&E window to ensure stability and transparency.


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