The President , Association of Bureaux De Change Operators of Nigeria , Aminu Gwadabe, said the crude oil price fell to $35 per barrel at the International market which led to speculations in the market.
Gwadabe said, “ With the fall in oil crude oil prices on Monday , we witnessed a lot of foreign investors portfolio dropping their assets , most especially to convert to cash.
“ The movement was as a result of recklessness on the side of the operators, when they want to speculate , but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub- sector. ”
While noting that the dollar sold for as high as N400 , he said sanity was gradually returning to the sector as it sold for N 375 by the close of the day.
According to him , the CBN had maintained stability at N 360 in more than three years. The CBN also expressed its displeasure on the issue in a statement , saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira , and triggering panic in the FX Market.
The realms beyond are not always what we’ve been told…
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