…Cites dollar liquidity
President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has said the Nigerian currency, the Naira, continued its appreciation streak against the dollar, strengthening to N980/$ in the parallel market on Friday.
Earlier in the day, the Naira had appreciated to N1, 040 against the dollar at the parallel section of the foreign exchange market.
According to him, the currency rebound is the manifestation of measures of dollar liquidity injection and naira mopping through the instrumentality of interest rate hikes.
He said, It is a good development as it is a great risk to speculate, hoard and substitute naira for other currencies. However, the speculators are usually interested in the elements of sustainability of the feat so far achieved; it is panic-selling as against panic-buying.
Therefore, he said, it is necessary for the management of the apex bank to continue to make clarifications and implement some of the associations recommendations to include the Bureau De-Changes (BDCs) in the foreign exchange market.
This, he said, will allow them to play a crucial role in addressing the needs of the critical retail end.
Furthermore, he warned against attacking the Naira as he said it appears that the CBN has gotten the arsenal and the logic to continue to enshrine the success recorded.
