Forex traders loses as naira rebounds following CBN redesign announcement

The naira has recovered by 20.8 per cent to 720/dollar at the parallel market, findings have shown. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira.

The naira fell consistently throughout last week against the United States dollar, it tumbled to an all-time low of 910/dollar. However, the currency began to recover against the greenback on Monday, after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano, and other major cities by the personnel of the Economic and Financial Crimes Commission.

Meanwhile,, the President, of the Association of BDC Operators of Nigeria, Aminu Gwadabe, said the rebound of the naira had made many currency speculators lose millions of naira.

However, development economists, said that the naira might likely still decline, especially with the coming election.