Wednesday, May 24, 2017 10:46:42 AM- Nigerian Stock Exchange.

  Speculators rush to sell as Naira recovers to 310


Feb 24 (Lagos) - The speculators hoarding Dollars are now rushing to the parallel market to sell their foreign currency as the Naira recovered to 310 against one USD.

While the luckly ones who managed to sell last week timed the market perfectly, chances are many speculators bought USD even last week with hope of Naira falling even more. 

But now the situation has changed just like it does so often in the world of finance. 

The hunter becomes the hunted very quickly.

As far as the Naira is concerned we feel it should recover more from here and government should be able to control it around the 220-230 mark. 

Expect these speculators to flood the market with their Dollars now ready to sell at any rate to cut their losses, 

reporting for on Wednesday, Feb 24 2016 from Lagos, Nigeria

Readers's Opinion(1)
Yomi Fash
From my opinion, speculating game is a gambling game which bases on the condition of probability because it is not backed by the FX and our macro economic fundamentals. It is either the speculators looses or gains. But notwithstanding our external reserve is still very low as at present. It is below 28Billion Dollars. From the calculations, this can only equate a true transparency of a median target of N252 to a dollar unless there is a boost to our external stimulus on time to send it below the median target. Goodluck to Nigeria.

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