Naira to sell at N415/$ as CBN sustains intervention —Gwadabe
THE naira will trade at N415 to a dollar as the series of intervention by the Central Bank of Nigeria (CBN) are sustained, Alhaji Aminu Gwadabe has said.
Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), told the News Agency of Nigeria (NAN) on Tuesday in Lagos that the new Forex policy had eliminated frivolous demand for dollar.
According to him, frivolous demand for dollar has been responsible for the weakness of the naira.
The ABCON chief said that CBN’s continued intervention at the Forex market would soon spell doom for speculators and currency hoarders.
“Currency speculators and hoarders would suffer more losses as the CBN injects more dollars to the interbank market.
“The sustained intervention by the CBN will technically take speculators out of business.
“My expectation is that if both volumes and applicable exchange rates are reviewed for the BDC sub-sector, the naira would be trading at N415 to a dollar,” Gwadabe said.
The ABCON chief said that the CBN had recorded a huge success because of its new policy, adding that the naira had continued to strengthen at the parallel market, exchanging at N435 to a dollar.
He told NAN that granting of more access to the BDCs at the International Money Transfer Services Operators (IMTSO) window would help to further strengthen the naira against the dollar.
NAN reports that the CBN has injected over 1.5 billion dollars since February when it started its intervention at the interbank market.
The apex bank said that its aim was to bring stability to the foreign exchange market and provide easy access of foreign currencies to businesses and individuals.
You may be interested
Timini Egbuson Reacts To People Who Think He Is Taking Advantage Of Dakore’s SuccessOwolabi Yusuf - Aug 17, 2017
[ad_1] Timini Egbuson, actor and younger brother of Dakore Egbuson-Akande, says he’s used to the perception that he’s taking advantage of his sister’s…
Saudi Arabia To Open Salwa Border Point To Qatari Pilgrims For Haj: SPAOwolabi Yusuf - Aug 17, 2017
[ad_1] Saudi Arabia said it would welcome Qatari pilgrims to perform the haj (Representational)CAIRO: Saudi Arabia said on Wednesday it would welcome Qatari…
Ronaldo-less Madrid win SuperCup – News Agency of Nigeria (NAN)Owolabi Yusuf - Aug 17, 2017
[ad_1] Asensio jubilates scoring for MadridReal Madrid consolidated on their first leg 3-1 advantage over arch rivals Barcelona, beating them 2-0 at Santiago…