Speculators to Lose Over $200 Million
To achieve this objective, however, the Central Bank of Nigeria (CBN) will have to continue selling “dollars to BDC operators at 393 nairas to a dollar.” This is despite the CBN’s recent devaluation of the local currency to around 411 to a dollar. As one report notes, if the CBN proceeds with this sustained funding of over 5,000 BDCs nationwide, foreign exchange speculators “will lose over $200 million in the next one month.”
Meanwhile, the report quotes Gwadabe reiterating ABCON’s allegiance to the CBN and the association’s willingness to fight speculators alongside the central bank. Gwadabe is quoted warning members of his organization to avoid joining rumor mongers whom he blames for “creating confusion and fragility in the market.” Gwadabe explained:
By Terence Zimwara.
Full story at Bitcoin News.
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