The Association of Bureau De Change Operators of Nigeria (ABCON), has applauded recent reforms by the CBN to tame inflation and strengthen the naira.
ABCON President, Alhaji Aminu Gwadabe disclosed this in an interview with NAN.
He said the clearing the backlog of legitimate foreign exchange transactions positively impacted the forex market, improving the Naira’s prospects and enticing foreign investors.
He further noted that the oversubscription of recent FGN securities was having a positive effect on the naira exchange rate to the USD.
“We are also seeing how they are using the securities to attract foreign investments, which are oversubscribed. That is also having a lot of positive impact on the exchange rate,” Gwadabe stated.
Continuing, the ABCON president said “We have also seen how they took the bold decision to reinstate the BDCs window to deepen the market, which has broken the camel’s back.
“As we speak, as of today before the meeting, the exchange rate of the Naira to the United States dollar is awesome. It’s reassuring and shows that the CBN has the muscles and arsenal to protect the value of the Naira.”
“In summary, that is my observation: the increasing resilience, capacity, and arsenal of the Central Bank of Nigeria to defend our local currency through several measures.”
He advised the CBN to continue widening and undergo a paradigm shift in sourcing foreign exchange for the economy.
