Experts in the Financial Market believe that speculators hoarding the dollar have lost billions of Naira as the naira continues to appreciate in the parallel market on Wednesday.

They observed that as the Naira is appreciating, many speculators who have hoarded their dollars will be losing a lot of money. The Naira appreciated by 0.8 per cent to close at ₦414.73 on Wednesday.

As part of efforts to stem the downward slide of the naira in recent months, the CBN had stopped the sale of forex to the Bureau de Change.The CBN alleged the BDCs of being agents for people whose illegal activities are inimical to the health of the Naira.

Recently, the Monetary Policy Committee in a meeting held in Abuja urged the CBN to take further steps to restrict the activities of unauthorised and illegal dealers in the forex market so as to increase the value of the Nigerian currency.

It seems these measures are yielding positive result as the value of the Naira has began to appreciate in recent times.

Share this: