Speculators lose billions as Naira appreciates to 540/$

The Naira strengthened to N540 to a Dollar in the parallel market on Wed 10Nov2021. Dollar was bought & sold for N578 & N580 at end September, but bought & sold for N540 & N543 on Wednesday. Bureau de Change (BDC) operators said there was low demand, and that many who kept Forex would lose much.

However, CBN on its website maintained the official rate at N411.37. As part of efforts to tame the fall of the naira, CBN earlier stopped sale of Forex to BDCs. CBN had said that BDCs had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.

It also clamped down on abokiFX after accusing the website and its owner of manipulating the currency to sabotage the economy.

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