Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is a result of activities of Nigeria's immediate neighbors. On the week, the naira has been on a totally free fall at the parallel market, moving from 439 per dollar on Monday to 490 to the greenback on Friday morning. The British pound and euro are also currently trading at N600 and N520 respectively. Based on Gwadabe, foreigners are mounting pressure on the naira by bringing inside their dollar demand to Nigeria, hence, mopping up the dollars in the system. “For the past few days, what we have been witnessing available in the market is a kind of spike, lots of volatility as a swap rate, and it's regarding fear,” Gwadabe told CNBC Africa. “A lot of individuals are developing fear, and consequently of the, no naira will be kept. Folks are moving from naira to dollar. “An extremely worrisome factor that individuals have now been witnessing in the market is that the marketplace has recently been bombarded by folks from neighbouring countries to meet their demands. “What I mean by neighbouring countries is that a lot of demand is originating from Benin Republic, from Chad. International demand can be accumulating; we see a lot of Chinese traders entering the economy, mopping up any available dollar.” Gwadabe said ABCON and Travelex are now right into a partnership, which would remove soon, thereby easing the pressure on the local currency. The bureau de change boss expressed support for the proposed sale of some national assets to beef up foreign reserves and support the naira.
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Our president target is to equal $1 to #1,000 before 2018, but we are heading there.... Sai baba sai buhari

forgive me for saying this. it is finished!

ama enjoying this buharinomics mhen.i think buhari wants to test the law of diminishing marginal forex rate,whereby dollar-naira rises to max of #1500,then begin to fall till #1.
what a shame of a president and economic team,built on lies and 'pseudo-ism'

We are only in God's hands and He alone can restore the good old days

Useless government

I'm just speechless. Its all going to end well. I still believe in you Baba Buhari.