Forex traders are crying after losing humongous amounts as the Naira gathers more strength against major international currencies.
Today (Thursday, March 23, 2017), around Ikeja axis of Lagos, the Naira is exchanging for between N360 and N390 against the dollar in the black market.
What’s more, forex traders were reluctant to buy, lamenting that they have lost heavily since the intervention of the Central Bank of Nigeria in the last five weeks.
Then exchanging for N525/ $1, the downward spiral began. And this week, the fall has been impressive. From N435, it dropped to N400 and now less than N390.
The pumping of dollars into the market and expansion of access to travellers, students in universities abroad and those seeking medicare led to the huge fall of forex.
And now speculators are very worried as they continue to lament…