In a resounding statement of confidence in the Naira’s recent strength, the Association of Bureau de Change Operators of Nigeria (ABCON) has cautioned currency speculators about the risks associated with betting against the local currency.
The association’s President, Aminu Gwadabe, relayed this message via WhatsApp, highlighting the Central Bank of Nigeria’s (CBN) unwavering commitment to reinforcing the Naira’s position.
The Naira rebounded last week by 15.18% against the United States Dollar to N950 in the black market from N1,120 it previously traded.
The CBN’s data revealed that the exchange rate in the Importers’ and Exporters’ forex window had improved with the dollar trading at 783.67 Naira per dollar, down from 807.27 Naira per dollar on the preceding day.
This impressive turnaround for the Naira can be largely attributed to the CBN’s actions to clear the backlog of forex demand in banks, effectively reversing the depreciation trend that had been persistent earlier in the year.
ABCON has urged caution among speculators, pointing out that the CBN possesses both the necessary tools and strategies to maintain and further enhance this success.
The association also emphasized the importance of enhancing transparency and compliance with their recommendations to include Bureau de Change operators in the foreign exchange market.
This inclusion would enable them to play a vital role in the retail end sector and contribute to the central bank’s ongoing efforts to stabilize exchange rates.
ABCON concluded by highlighting the need for a harmonious balance between exchange rate policy, transaction monitoring mechanisms, and clients’ utilization.
The association’s message serves as a testament to the growing confidence in the Naira’s resilience and stability.
