L
LequteMan
Guest
The Nigerian naira on Tuesday continued its appreciation against the dollar, firming to N335/$.
The currency had been appreciating against the greenback following CBN's introduction of the interbank market on Monday.
As a result, Bureau de Change operators are losing money. According to a report from the Cable, over N50 is being lost by the traders on every currency in their possession.
Isiaka Baba, a trader is apprehensive of the next few days.
“The way the naira is going now is unprecedented, many traders have lost on all currencies. Dollar is selling at 330, and may go as low as 250 before the end of the day," he said. “Euro that we buy at 400 is now selling near 300, while the pound is moving close to 400, from its position at 500, just last week.”
The Governor of the central bank of Nigeria, Godwin Emefiele had previously said he is “reasonably optimistic” that the naira will settle at 250 against the dollar.
The currency had been appreciating against the greenback following CBN's introduction of the interbank market on Monday.
As a result, Bureau de Change operators are losing money. According to a report from the Cable, over N50 is being lost by the traders on every currency in their possession.
Isiaka Baba, a trader is apprehensive of the next few days.
“The way the naira is going now is unprecedented, many traders have lost on all currencies. Dollar is selling at 330, and may go as low as 250 before the end of the day," he said. “Euro that we buy at 400 is now selling near 300, while the pound is moving close to 400, from its position at 500, just last week.”
The Governor of the central bank of Nigeria, Godwin Emefiele had previously said he is “reasonably optimistic” that the naira will settle at 250 against the dollar.
