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ABCON seeks stable exchange rate in roadmap to save naira


The ABCON National Executive Council, which disclosed this yesterday in Lagos, said the naira is exchanging at N596/$ at the parallel market and N415.83/$ at the official market, creating a rate gap of N180.17/$.

ABCON President, Aminu Gwadabe said there was urgent need to enhance dollar liquidity in the market and save the naira from further decline.

He attributed the depreciation of the naira against dollar to rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy.

The naira has consistently come under serious pressure due to dollar scarcity making it difficult for forex end users, manufacturers and key industry players to access dollar needed to meet their needs. ABCON will continue to encourage its members to play the vital role of closing the exchange rate gaps in the market and reducing widening premium between the parallel market and the official window,” he said.

Gwadabe listed several factors that continue to undermine the naira stability and the local currency’s value against other currencies.

The ABCON boss called for the creation of BDCs’ Autonomous Foreign Exchange Trading Window (BAFEX) with determined maximum daily limit for legible BDCs to access dollars from banks, autonomous market and diaspora forex widow at the prevailing market prices.



Read More : ABCON seeks stable exchange rate in roadmap to save naira

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