Those in Possession of Dollars to Lose Billions Following Implementation of New CBN Forex Policy...See Details

Posted by Thandiubani on Fri 24th Feb, 2017 - tori.ng

It has been revealed that many people in possession of dollars might lose billions following the introduction of a new CBN forex policy.

Wads of dollar note (File photo)

Currency speculators are in for a bad season as they stand to lose billions of Naira to the new CBN forex policy.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, on Friday said speculators’ fingers had been burnt due to the policy.

He said, “The speculators’ fingers are completely burnt.

“They are estimated to lose several billions of Naira.’’

The financial expert said that the new policy was a long awaited liberation the Naira needed to check speculators from manipulating the exchange rate for their selfish ends.

According to him, the market is already adjusting at a faster pace as the Naira continues to appreciate across board in all the major segments of the market.

Gwadabe noted, for emphasis, that BDCs were not competing with commercial banks in the sale of the proceeds of International Monetary Transfer Services Operators to end-users.

The ABCON chief said that the directive did not provide a level playing ground for the banks and the BDCs to operate.

He said, “This is a great source of worry to ABCON because BDCs are not meant to be in competition with the banks.

“We are supposed to provide complementary roles.”

The Naira had depreciated toN520 to a dollar when the CBN rolled out the new forex policy to improve liquidity on Feb. 21. The new policy mandated commercial banks to sell forex to those seeking it for school fees, medicals and personal and business travel allowances.

Since its implementation, the Naira has appreciated against the dollar trading at N495 to the greenback.

-NAN