The CBN Governor, Godwin Emefiele, on Tuesday expressed optimism about the convergence of the Forex rates at the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks were not a fluke
Browsing: Bureau de Change
Traders expressed mixed feelings over the development in the market on Wednesday
One of the Bureau de Change operators, Tijanni Jos, said the development had caused operators to lose a lot of money
The Nigerian currency was steady against the Dollar, but improved against the Pound Sterling and Euro at both the official and black market segments of the Foreign Exchange market
Egbegbe, who was charged alongside one Oyekan Ayomide, was arraigned on February 10 before Justice Oluremi Oguntoyinbo
Currency traders expressed optimism that liquidity boost in the market would help to shore up the Naira rate
The News Agency of Nigeria reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday
It was N450 to a dollar at the close of transactions on Monday
Meanwhile, some traders are still in shock at the performance of the Naira, as many believed that the Nigerian currency would sink further to N1,000 to a dollar
Traders at the market attributed the current onslaught on the Naira to activities of speculators and currency hoarders
The News Agency of Nigeria reports that the Naira inched against the dollar at the early hours of Thursday morning by two points but could not sustain the gain as it shed three points
Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, disclosed this to the News Agency of Nigeria on Wednesday in Lagos
NAN reports that the Naira may be seeing its worst times as the CBN will be resuming dollar sales to Bureau De Change operators next week
Traders blamed acute forex scarcity for the spike in the exchange rate
Traders at the market linked the appreciation of the Naira to slow activities at the market
secret since Monday
A currency trader, who pleaded anonymity, said the situation might further erode the gains made by the Central Bank of Nigeria in ensuring the sale of the proceeds of Diaspora remittances to the Bureau De Change operators
Policemen only arrived at the scene several minutes after the heavily armed gunmen had left
The directive was contained in a circular with reference number: “TED/FEM/ FPC/GEN/01/004,” dated July 22, 2016 and posted on the CBN’s website
Speaking at an interactive meeting with Nigerians living in Kenya, President Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy