VERY WEAK NAIRA | Dollar to sell below N403 this week – Gwadabe

President of the Bureau De Change Operators, Alhaji Aminu Gwadabe, has promised that the Naira will exchange for below N403 to a dollar this week.

 
Gwadabe speaking in Lagos yesterday, stated that with the Central Bank of Nigeria continuing to inject more Forex into the market, the Naira will continue to appreciate.

 
The rates closed at N403/$ last week.
Gwadabe explained that the development was due to the review of volumes upward of the proceeds of International Money Transfer Services Operators (IMTSO) and removal of disparity in applicable exchange rates by CBN in the bureau de change subsector.

 
“Following the beginning of the CBN’s injection of liquidity into the interbank market for banks the naira rebounds to an all low of N360/$ from N520/$.
“However, surprisingly the scenario couldn’t last more than 2 weeks despite the continues injection of liquidity into the banking system as the rates began to summersault to a new high of N420/$,” he said.

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