CBN’s sustaining BDCs’ funding causes Forex speculators to lose N100bn

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Foreign exchange (forex) speculators might lose over N100 billion in few months as the Central Bank of Nigeria (CBN) sustains  massive funding for Bureaux De Change operators.

President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who disclosed this at the weekend in Lagos said the apex bank is committed to improving  funding for over 5,000 BDCs nationwide in new move to deepen market liquidity and protect the Naira against speculators.

READ ALSO: ‘Reasons CBN may hike interest rate’

He called for normalcy in the market as the ongoing speculative behavior is hampering  the market operations and stability will come at huge loss to speculators.

The ABCON boss linked the continued fall of the Naira at the parallel market and Investors’ and Exporters’ (I&E) Forex window to currency speculators  hoarding dollars to profit from the currency crisis.

He said the perpetrators are creating artificial scarcity of the greenback  within market to cause more woes for the local currency.

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