ON FEBRUARY 24, Fri, 2017.


Currency speculators are in for a bad season as they stand to lose billions of Naira to the new CBN forex policy, Alhaji Aminu Gwadabe said on Friday.

Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), told newsmen in Lagos that the speculators’ fingers had been burnt due to the policy.

“The speculators fingers are completely burnt.

“They are estimated to lose several billions of Naira,’’ Gwadabe said.

The financial expert said that the new policy was a long awaited liberation the Naira needed to check speculators from manipulating the exchange rate for their selfish ends.

According to him, the market is already adjusting at a faster pace as the Naira continues to appreciate across board in all the major segments of the market.

Gwadabe noted, for emphasis, that BDCs were not competing with commercial banks in the sale of the proceeds of International Monetary Transfer Services Operators (IMTSOs) to end-users.

The ABCON chief said that the directive did not provide a level playing ground for the banks and the BDCs to operate.

“This is a great source of worry to ABCON because BDCs are not meant to be in competition with the banks.

“We are supposed to provide complementary roles,” Gwadabe said.

The Naira had depreciated toN520 to a dollar when the CBN rolled out the new forex policy to improve liquidity on Feb. 21.

The new policy mandated commercial banks to sell forex to those seeking it for school fees, medicals and personal and business travel allowances.

Since its implementation, the Naira has appreciated against the dollar trading at N495 to the greenback.

Source:
http://www.vanguardngr.com/2017/02/see-speculators-losing-billions-naira-new-fx-policy-bdc-chief/

“The speculators fingers are completely burnt.

“They are estimated to lose several billions of Naira,’’

Good News

Good news.

Nigeria will over come its challenges

If the British government can allow us to send one Cow to Buhari as a pet in London so that he will forget about coming back again

Nukualofa:
If the British government can allow us to send one Cow to Buhari as a pet in London so that he will forget about coming back again

Haha
Bubu score card.
Anti corruption C.
Economic policies F9

Hopefully when he comes back, he won't start spoiling things again.

I am not impressed till it gets back to how he met the dollar!!

Story.

T(He)y just want to invoke panic so people will sell and the price will crash further and t(he)y can buy when it's crashed and sell when it inevitably rises.

Consider this alleged anecdote about Rothschild:

To the Rothschilds, [England's] chief financial agents, Waterloo brought a many million pound scoop. ... a Rothschild agent ... jumped into a boat at Ostend ... Nathan Rothschild ... let his eye fly over the lead paragraphs. A moment later he was on his way to London (beating Wellington's envoy by many hours) to tell the government that Napoleon had been crushed: but his news was not believed, because the government had just heard of the English defeat at Quatre Bras . Then he proceeded to the Stock Exchange. Another man in his position would have sunk his work into consols [bank annuities], already weak because of Quatre Bras. But this was Nathan Rothschild. He leaned against "his" pillar. He did not invest. He sold. He dumped consols. ... Consols dropped still more. "Rothschild knows," the whisper rippled through the 'Change. "Waterloo is lost." Nathan kept on selling, ... consols plummeted – until, a split second before it was too late, Nathan suddenly bought a giant parcel for a song. Moments afterwards the great news broke, to send consols soaring. We cannot guess the number of hopes and savings wiped out by this engineered panic.

https://en.m.wikipedia.org/wiki/Nathan_Mayer_Rothschild

Aminu Gwadabe is the chief speculator! When asked on Channels TV by one of the anchors on the morning program sometime last year how much his own BDC was selling the US Dollar, the man snaked around the question and failed to answer it.


https://www.youtube.com/watch?v=dcSqHlRjdYU

It is unfortunate for him that people like me keep records and will always unmask people like him that think Nigerians do not know the games he and his BDC members are up to. They are the speculators.