A source in the apex bank said the speculators and hoarders are sabotaging the government’s efforts aimed at stabilising the naira against the dollar. Government’s efforts to stop the depreciation of the naira received a significant boost in the last two weeks when the naira appreciated significantly. During the period naira appreciated, many Nigerians were happy, with some commending the CBN for strengthening the naira. “Now, the CBN is focused on launching a campaign against speculators and hoarders else, the gains against the naira will be eroded if nothing drastic is done. Corroborating the CBN source, the President, Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe, warned that the CBN was set to inflict pain on currency speculators.

Source: The Guardian November 12, 2023 13:12 UTC