Business
Speculative practices will erode Naira’s value, BDC operators warn
The Association of the Bureaux De Change Operators of Nigeria (ABCON) said speculative practices in the currency market would heap more pressure on the naira and erode its value.
The ABCON President, Aminu Gwadabe, who disclosed this in a statement, added that speculators stood the chance of losing their money because the Central Bank of Nigeria (CBN) has the capacity to defend the naira and bridge the gap between official and parallel market rates.
Naira has been on a free fall recently, declining to its all-time high of 480/dollar at the black market while at the official CBN rate it is sold at 379 /dollar.
“I think the decision of CBN to push the official foreign exchange rate from N306 to N379 to the dollar was in line with market demand.
“The move has also helped to narrow the gap in the official-parallel market rates which formed the basis of ridiculous speculations among unpatriotic forex dealers and spectators.”
-
Latest4 days agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Business3 days agoNigeria: Whither the fruits of 2026 crude oil windfall?
-
Comments and Issues4 days agoPolitical Parties Primaries: Consensus or Coronation?
-
Business3 days agoTrump-Xi summit sparks fresh questions for Nigeria’s economy, tech sector
-
Featured4 days agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed
-
Business5 days agoAnger, debate trail proposed $1.25bn loan amid concerns over Nigeria’s debt surge
-
Comments and Issues4 days agoDoes it matter to Africa if Nigel Farage comes to Number 10?
-
Latest4 days agoWike says Makinde’s presidential ambition dead on arrival