ia, may lead to hoarding of foreign currencies and distortion in the exchange rate, experts have said.
Reuters had reported that the CBN on Thursday, offered naira-futures contracts for five-year settlement for the first time, priced at 379.81 naira to the dollar. “However, the move will portend speculation, hoarding and that could even distort the present exchange rate stability in the market.”Though the purpose was for the inflow to come into the country, he said some people could convert the naira to dollar and move it abroad into the derivatives and make more money.
According to him, a situation where the official exchange rate was N305 to a dollar and individuals bought at N358 per dollar would continue to breed round tripping and fraudulent activities.
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