Traders believed that the reason for the drop was due to “speculators and strong demand from parents buying dollars to pay school fees abroad.”
The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, also argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency.
He also attributed the development to the activities of speculators. Click to signup for FREE news updates, latest information and hottest gists everyday
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