The Central Bank of Nigeria’s renewed intervention program on the dollar has proven to be very effectual as the dollar has gained strength against the dollar.
The dollar traded on the parallel market at N420/$ on Wednesday, against N480/$ before the intervention. However, this bears sad tales for speculators as it means they would run at a loss.
September 7 is the date when Foreign exchange would be sold again to Bureau de Change operators and it is hoped that it would inject liquidity into the foreign exchange market. Though the foreign exchange would only be sold on Mondays and Wednesdays each week and it would be a gradual process.
