• Sun. Jan 29th, 2023

Bureaux De Change Operators say Currency Redesign Boosting Naira Stability

ByJustice Godfrey Okamgba

Jan 23, 2023
Read Time:1 Minute, 5 Second

According to the Association of Bureaux De Change Operators of Nigeria (ABCON), the Naira’s stability on the black market has been boosted by the currency reform program.

This was revealed on Sunday in an interview with NAN in Lagos by ABCON President Aminu Gwadabe.

The Naira has been mostly constant over the previous few weeks when compared to the dollar, trading between N740/$ and N750/$ on the black market.

As the date for the demonetization of old naira notes, January 31, draws near, he discussed the future of the Naira.

“The Naira redesign and the security surveillance of the financial system have stemmed the volatile demand pressure in the parallel market,” Gwadabe said.

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

According to the President of ABCON, since the start of the strategy, the local currency has fluctuated within a stable range of N750 to the dollar.

In spite of the market’s lack of supply of dollars, he said that the exchange rate had held steady.

According to Gwadabe, the lack of the new naira notes has persisted in instilling apprehension and worry among typical Nigerians.

To guarantee a smooth transition from old notes to new ones, he asked the Central Bank of Nigeria (CBN) to maintain its advocacy and stakeholders’ participation.



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