Forex speculators to lose N100 billion as CBN sustains massive funding for BDCs

Date: 21-05-2021 5:43 pm (2 years ago) | Author: Wisdom Ibe
- at 21-05-2021 05:43 PM (2 years ago)
(m)
Foreign exchange speculators are set to lose over N100 billion in the next one month as the Central Bank of Nigeria (CBN) sustains massive funding for Bureaux De Change (BDC) operators.

This is as the apex bank still sells dollars to BDC operators at N393 to a dollar.

This disclosure was made by the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Dr. Aminu Gwadabe, on Friday in Lagos, who said the CBN is committed to improving funding for over 5,000 BDCs nationwide in a new move to deepen market liquidity and protect the naira against speculators.

He called for the return of normalcy to the market as the ongoing speculative behaviour hampering the market operations and stability will come at a huge loss to speculators.

The ABCON boss linked the continued fall of the naira at the parallel market and Investors’ and Exporters’ (I&E) Forex window to currency speculators who are hoarding dollars to profit from the currency crisis.....

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Posted: at 21-05-2021 05:43 PM (2 years ago) | Newbie
- ynbmusicprom at 21-05-2021 05:49 PM (2 years ago)
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https://260vibes.com/forex-speculators-to-lose-n100-billion-as-cbn-sustains-massive-funding-for-bdcs/
Posted: at 21-05-2021 05:49 PM (2 years ago) | Newbie
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