As CBN is set to resume the sale of FX this week, the naira is set to bounce back further against the dollar as the dollar continues to slide below since the last week after the apex bank officially announced its resumption of forex sale intervention to the BDC in the forex market.
The naira which traded on the parallel market at the #420 to a dollar on Friday sold for #480 a week earlier.
It would be noted that the FX market is being ruled by speculations. The president, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe ,expressed support for the CBN planned intervention in the forex market. ” The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market ” according to him, speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend especially as international flights resumes.