By Olanrewaju Joseph (SIWES student, OSCOTECH)
The Association of Bureau de Change Operators of Nigeria has issued a caution to currency speculators as the Naira strengthens further against the US dollar.
Aminu Gwadabe, the President of ABCON, emphasized that the Central Bank of Nigeria is poised to take action against currency speculators.
The current market conditions and the ongoing rise of the Naira are a result of the CBN’s strategy, which involves injecting more dollars into the market while increasing interest rates to mop up excess Naira.
Gwadabe also stated that it’s now a significant risk to speculate, hoard, or substitute the Naira with other currencies.
