Recall that the Association of Bureaux de Change Operators begged the apex bank to review the allocation rate of Dollar below The call came amid the continued appreciation of Naira against dollar both at foreign and parallel exchange markets resulting in the exchange rate standing at N1,251 per dollar on Friday. He, however, stressed that the real economic fundamentals remain unchanged as the country gets 89 per cent of FX earnings. 'It's not magic.
Sell dollars at N1000 and market prices will crash to N1000 'This is how all central banks across the world intervene in a floating market, they buy and sell currency in the floating market, It's legal monetary policy 'The issue, as I have pointed out, is the Cost of the defense, not the defense. CBN has issued Bonds and is using those bond proceeds to “defend” the Naira exchange value.
CBN
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