Finance & EconomyNews
In panic, forex speculators prepare to dump dollars
Forex speculators are apprehensive that a slew of circulars issued by the central bank during the week could lead to a strengthening of the naira against the dollar. The CBN said it will sell $10,000 per Bureau De Change operator ahead of the reopening of the air space.
For most speculators who bought forex at less than N400/$1 just before the first round of devaluation in March, they are pondering whether to sell at the current rate of N475 in time before panic sets in. This apprehension is reminiscent of 2017 when the CBN announced the new Investor and Exporter Window for trading forex at market-determined prices.