Forex traders, speculators defeating banks

…Dollar appreciates against naira, now N235


FOREX traders, speculators and those engaged in money laundering are getting a upper hand as the naira loses more value against international currencies today (Wednesday, August 5, 2015)…in spite of banks refusal to accept deposits into domiciliary accounts.

The new policy which saw the dollar exchanging for between N205 and N210 at the weekend has been circumvented by the mafia engaged in forex.

When our reporters went to town today to get prices of major currencies, we found out that the gains of the last few days have been eroded.

Across Lagos, dollar exchanged for between N220 and N235, pounds was N320 to N333, and euros traded at N220 and N221.

Many Nigerians are disappointed about the new prices which are apparently manipulated.

Patriots are worried that the assumption that foreign currencies will soon be accepted by banks (as customers make deposits into their domiciliary accounts) is fuelling the speculation.

The Central Bank of Nigeria which supports the new policy of banks will have to make a pronouncement to save the naira in the black market.

The official rate is about 199 to a dollar.

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