Aminu Gwadabe, president of Association of Bureaux De Change Operators of Nigeria (ABCON) said forex speculators are taking huge risks with their funds.
The foreign exchange market opened on Monday with Nigeria’s currency losing N1.00k as the dollar was trading at N483 compared to N482 traded on Friday on the black market.
Naira depreciation is attributed to increased demand fuelled by speculators. Aminu Gwadabe, president of Association of Bureaux De Change Operators of Nigeria (ABCON) said forex speculators are taking huge risks with their funds.
He said 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.
Nigeria’s external reserves have declined to $35.5 billion as of November 19, 2020, according to the data on the CBN website.
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At the Bureau De Change (BDC) segment of the foreign exchange the market, naira weakened by N2 as the dollar was selling for N480 on Monday as against N478 last week.
The market opened with an indicative rate of N386.05k at the Investors and Exporters (I&E) forex window on Monday. This signals N0.18k appreciation, when compared with N386.23k, opened with on Friday, data from the FMDQ showed.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
