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Forex speculators frustrate CBN moves to strengthen Naira, now N450/ $1

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Those holding the parallel forex market by its jugular – speculators and hoarders of dollars, pounds and euros – are succeeding as they fight off the intervention of the Central Bank of Nigeria.

Ten days after CBN relaxed rules and expanded access to forex through banks (for travellers, students and the sick seeking treatment abroad), the Naira has only gained about N75 against the dollar.
Those expecting the greenback to trade at the black market for N400 this week are disappointed.
Across Nigeria, saboteurs are holding on strong, fighting tooth and nail to keep the dollar strong at the detriment of the economy.
Today  (Thursday, March 2), here are the exchange rates for the three major international currencies: $1/N455 (N305, official rate), £1/N535 (N380, official rate), and €1/N460 (N324, official rate).

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