ABCON Warns Speculators Will Lose Money As CBN Has Enough Reserves To Fund Market, Defend Naira

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forex speculators are taking huge risks with their funds, as the Central Bank of Nigeria (CBN) has enough financial muscle to defend the naira and close the widening gaps between official and parallel market rates.

The naira has the in last few days depreciated to N480 to dollar in the parallel market but has remained stable at N379 to dollar at the official CBN rate.According to Gwadabe, with nearly $36 billion foreign reserves, the CBN has what it takes to punish the enemies of the economy forcing the naira to depreciate through speculative activities.

He said ABCON Executives will from this week begin enforcement of regulatory compliance of its members in BDC designated offices nationwide.He said that ABCON will continue to enlighten and educate its members on the need to continue to trade within the official BDC selling rates set by the apex bank.The ABCON boss said the beyond trading within set rules, a liquid forex market will always be a disincentive for speculative activities.

 

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The enough is from the frozen accounts, abi?

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