Abuja forex market in confusion after CBN moves

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The Nation Newspaper Abuja forex market in confusion after CBN moves

Inconsistent pricing and cautious optimism characterize the parallel market, where traders are grappling with the implications of the CBN’s new policies.

Despite the price disparity, a general consensus exists among traders that holders of foreign currencies are cautiously selling their holdings. This measured approach suggests a wait-and-see attitude, where market participants are gauging the long-term impact of the CBN’s actions. The Abuja foreign exchange market is currently in a state of flux. The combined effects of the CBN’s policy adjustments – increased dollar sales to BDCs and a higher interest rate – are yet to be fully understood. In the coming days and weeks, market participants will closely monitor exchange rates and adjust their strategies accordingly.

 

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