News, People, What's Trending

Dollar drops to N400 as traders lament heavy losses

naira-Dollar.jpg-360nobs

Forex traders are lamenting as they lose huge sums following the continued crash of international currencies against the Naira.

As dollar falls to N400 today (Wednesday, March 22, 2017) around Ikeja area of Lagos, black market operators are not buying. They are lamenting that dollars bought yesterday at N430 has led to heavy losses.
The flooding of the forex market by Central Bank of Nigeria and expansion of access at around N375/ $1 to travellers, medical tourists and international students have sunk the ship of speculators.
From over N525/$1 about four weeks ago, the crash is astounding.
Promising all that the injection of forex into the market would be sustained, governor of CBN, Godwin Emefiele advised speculators to cut their losses and exit the market.

Related Stories:

Comments

comments

About the Author