Foreign exchange (forex) speculators lost over N100 million in the last three days

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Foreign exchange (forex) speculators have lost over N100 million in the last three days after the Central Bank of Nigeria (CBN) injected fresh dollars into the interbank market.

Many of them panicked as news about the CBN’s intervention hit the market. This was in continuation of its strategy to strengthen the value of the naira.
According a source in the apex the bank, there is a planned release of an additional $350million bringing the total to $570 million in this week alone to further crash the value of the dollar.
Already, there are heightened fears among traders and other market participants who are yet to recover from the losses of the last two weeks owing to sharp and sudden appreciation of the Naira.
CBN’s Acting Director, Corporate Communication, Isaac Okorafor, confirmed this development, reiterated that with improving reserve levels, the Bank was determined to continuously make forex available to all genuine customers through their banks, advising those hoarding the greenback to reduce their loss and sell their dollar stock.

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