Following the Central Bank of Nigeria (CBN) new action policy on foreign exchange, the dollar has continued on its downward drive.
The Naira yesterday sustained its gains against the dollar as the injection of forex by the CBN has forced a crash in the price of the greenback.
In Lagos, the nation’s financial capital, the Naira exchanged at N460 to a dollar at the parallel market, which is a gain of 40 points from N500 which it recorded the previous day.
A similar fate has also befallen the Pound Sterling and the Euro both of which traded at N575 and N480 respectively yesterday.
The Naira closed at N399 to a dollar at CBN controlled price at the Bureau de Change window while the Pound Sterling and the Euro exchanged at N610 and N520 respectively. The Naira closed trading at N305.50 to a dollar at the interbank window.
Meanwhile, the President, Association of Bureau De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe, has said that currency speculators could lose billions of Naira to the new forex policy if the trend continues.
According to him, the speculators were already overwhelmed by the policy as they were taken by surprise by the move of the apex bank.
Traders at the market look forward to the Naira selling for less than N400 to a dollar if the boost in liquidity by the CBN was sustained.