Nike PopoolaThe Association of Bureaux De Change Operators of Nigeria has warned foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities. ABCON gave the warning in a statement titled, ‘ABCON warns speculators will lose money as CBN has enough reserves to fund market, defend naira’, on Sunday. According to him, the funding of Bureaux De Change has also helped to deepen the forex market and reduce the level of forex scarcity that always form the basis for speculative activities. Gwadabe said exchange rate unification would further narrow the gap between official and parallel market. He said, “I think that the CBN by pushing the official foreign exchange rate from N306 to N379 to the dollar is in line with market demand.

Source: Punch November 23, 2020 05:03 UTC