Unfortunately, activities of speculators in the forex market have continued to trigger panic and pose a threat to efforts by the apex market regulator to stabilise the market. Emefiele has warned firms and individuals against patronising the parallel market popularly called the black market. He warned them to stop using black markets for foreign currency exchange, adding that patronizing the parallel market is helping to overheat the foreign exchange market. When there is pressure on the parallel market, it would lead to a rise on the Exchange rate. “This has given indications that the Exchange rate might depreciate officially and speculators go out to buy and that puts pressure to the forex market.

Source: The Guardian June 08, 2020 03:56 UTC