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On Forex Crisis: Traders Lose As Naira Rebounds To 720/Dollar

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The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH 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 which fell consistently throughout last week against the United States dollar tumbled to an all-time low of 910/dollar last weekend.

However, the currency began a rebound 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.

EFCC officials had arrested over 90 Bureau De Change operators across major cities in the country over allegations of currency hoarding and aiding politically exposed Nigerians and other criminal elements in money laundering.

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