– Speculators disappointed as naira strengthens against dollar for third consecutive day.
– IMF persuades President Buhari to remove foreign exchange ban.
There is confusion in town over the exchange rate of the dollar to the Nigerian currency as Bureau De Change (BDC) operators are saying that it is now N305/dollar.
We gathered from a reliable source in the foreign exchange market that the Nigerian currency, up from its steady rise within 48hours, has risen steadily against the dollar in the wake of President Muhammadu Buhari’s insistence that he does not support the devaluation of the currency.
Speculators had been shocked by the consecutive rise on Tuesday, February 23, as they had predicted an all-time rise from the initial N400 (an all time low) to about 450/500 in the coming days.
There are further speculations that the amount, up from an initial N364 from Tuesday, is now at N305, while there are also unconfirmed reports that it may slip further before the end of the day.
Meanwhile, the International Monetary Fund (IMF) has persuaded President Buhari to adopt a sound petroleum industry bill (PIB) as well as expunge restrictions around foreign exchange policy.
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