The Association of Bureau de Change Operators of Nigeria has warned those speculating against the naira to be wary. He noted that the Central Bank of Nigeria was set to inflict pain on currency speculators. “It is a good development as it is a greatest risk to speculate, hoard and substitute naira for other currencies,” Gwadabe declared. The naira reversed the depreciating trend it had witnessed this year after the CBN started to clear the forex demand backlog in banks. The BDC operators called on the apex bank to continue to make clarifications and implement some of their recommendations to include them in the foreign exchange market.

Source: Punch November 04, 2023 11:03 UTC