Just In: Nigeria received $5.85 billion capital inflows in Q1 2020 –NBS.

The Central Bank of Nigeria (CBN) and the Association of Bureau De Change Operators of Nigeria (ABCON) have finalized arrangements for the resumption of forex sales to Bureau De Change operators (BDCs).

Following this finalisation, the more than 5,000 BDCs spread across the country are now expected to help curb the downward spiral of the naira, thereby checking the activities of foreign currency speculators.

Recall that the naira has recently been facing major challenges, no thanks to the COVID-19 pandemic. Unfortunately, currency speculators took advantage of the situation by making spurious demand for dollars with the hopes of making good returns from the rising gaps between official and parallel market rates.

Meanwhile, Governor Godwin Emefiele of the CBN and ABCON President, Aminu Gwadabe, have repeatedly spoken against the illicit business of currency speculators and the dangers they pose to the economy and naira’s stability. They have also warned the speculators about the looming danger for their trade if they refuse to retrace their steps; they Could incur losses estimated at over N10 billion in the next few months, especially now that the CBN is enabling BDCs’ full return to the forex market after nearly six weeks of inactivity.

18 thoughts on “Just In: Nigeria received $5.85 billion capital inflows in Q1 2020 –NBS.

  1. Buhari will come and tell us we cannot do this or that because there is no money

  2. That’s huge amount of money after buhari will still say that there’s no money, God help Nigeria

  3. The will receive this kind of money after the will complain that there is no money

  4. It’s really huge sum, the CBN should utilize the money and know how the forex trading will be conducted

  5. Huge amount of money. Las Las Nigerian nah scam. Dey will still tell stories@ the end

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