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Currency redesign policy fuels naira stability at parallel market — BDCs

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The Association of Bureaux Des Change Operators of Nigeria (ABCON), says that the naira redesign policy of the CBN has fuelled the stability of the naira at the parallel market.

Alhaji Aminu Gwadabe, President ABCON, stated this in an interview with our correspondent on Sunday in Lagos.

Our correspondent reports that Gwadabe spoke against the backdrop of the outlook of the naira as the January 31 deadline for the swap of the old naira notes with the new ones approaches.

“The naira redesign and the security surveillance of the financial system have stemmed the volatile demand pressure in the parallel market.

“This explains the stability witnessed at the retail end of the parallel market,” Gwadabe said.

The ABCON chief said that the naira had traded within a stable band of N750 to the dollar since the introduction of the policy till date.

He said that the exchange rate had remained stable in the face of the shortage of supply of the dollar in the market.

According to him, the lack of available new naira notes have continued to raise fears and concerns among average Nigerians.

He urged the CBN to continue its advocacy and stakeholders engagement to ensure a seamless transition of old notes to the new ones.

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Fabian Ekeruche

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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