A foreign exchange dealer, Mr Harrison Owoh, on Thursday said the CBN’s upward review of banks’ daily foreign currency trading positions could further weaken the Naira.
Owoh told the News Agency of Nigeria (NAN) in Lagos that the CBN’s decision would give room for speculations about the Naira and further depreciate it.
He said that banks before the review could not speculate because they were only allowed to hold-on to unutilised foreign currencies for 48 hours.
Owoh, who is the Managing Director, HJ Trust Investments Ltd., Lagos, said that the 48 hours allowed banks to buy on the first day, sell the following day and return the unsold forex on the third day to CBN was okay.
Read more Click Here / www.trade4x.net
Owoh told the News Agency of Nigeria (NAN) in Lagos that the CBN’s decision would give room for speculations about the Naira and further depreciate it.
He said that banks before the review could not speculate because they were only allowed to hold-on to unutilised foreign currencies for 48 hours.
Owoh, who is the Managing Director, HJ Trust Investments Ltd., Lagos, said that the 48 hours allowed banks to buy on the first day, sell the following day and return the unsold forex on the third day to CBN was okay.
Read more Click Here / www.trade4x.net
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