Bureau De Change Operators Seek N250 Exchange Rate

• Bureau De Change Operators Seek N250 Exchange Rate

The Association of Bureaux de Change Operators of Nigerian (ABCON) has urged the Federal Government to work on a stronger Naira during the second term.

ABCON President, Alhaji Aminu Gwadabe, said a lower exchange rate of N250 to a United States dollar would benefit businesses and aid economic growth.

In a statement, the president said the local currency exchanged at N362 to a dollar at the parallel market and N358 per dollar at the Bureaux de Change, while it exchanged at N306 to a dollar at the official rate.

According to Gwadabe, a lower exchange rate against the U.S dollar would stabilise the Naira, boost investors’ confidence and improve diaspora remittance flow.

He advised the Federal Government to set up a new economic team and review past performance of the administration, adding that review would give room for better performance in the second term.

Gwadabe said the economy is performing below expectations and the administration need to re-strategise and develop a concrete economic plan for better performance.

The ABCON boss said, “It is only when the economy is buoyant that people will be able to save, and that provides enough liquidity for banks to lend and fuel the economy. The other sub-sectors including the bureaux de change sector will equally be positively impacted by a thriving economy.”