Why the naira recovered in the foreign exchange market: Bureau de change operators

According to the financial expert, the nation's reserves are rising as a result of rising demand for its main export, crude oil.The reasons behind the naira's strengthening versus the dollar have been disclosed by the Association of Bureau De Change Operators of Nigeria (ABCON).Its President, Alhaji Aminu Gwadabe, stated in a statement on Sunday in Lagos that "the development stems from the 'double-edged sword dollar liquidity injection and the mopping up of the naira through interest rate hikes “What is happening in the market and the continued naira rebounds is the manifestation of the CBN double-edged sword measures of dollar liquidity injection and naira mopping through the instrumentality of interest rates hikes. “It is a good development as it is a greater risk to speculate, hoard and substitute naira for other currencies,” Gwadabe said.