Currency redesign policy fuels naira stability — BDCs


The Association of Bureaux De Change Operators of Nigeria says that the naira redesign policy of the Central Bank of Nigeria has fuelled the stability of the naira at the parallel market.

Uba Group

Aminu Gwadabe, President ABCON, stated this in an interview with the News Agency of Nigeria on Sunday in Lagos.

Gwadabe spoke against the backdrop of the outlook of the naira as the January 31 deadline for the swap of the old naira notes with the new ones approaches.

“The naira redesign and the security surveillance of the financial system have stemmed the volatile demand pressure in the parallel market.

“This explains the stability witnessed at the retail end of the parallel market,” Gwadabe said.

The ABCON chief said that the naira had traded within a stable band of N750 to the dollar since the introduction of the policy till date.

He said that the exchange rate had remained stable in the face of the shortage of supply of the dollar in the market.

According to him, the lack of available new naira notes has continued to raise fears and concerns among average Nigerians.

He urged the CBN to continue its advocacy and stakeholders’ engagement to ensure a seamless transition of old notes to the new ones. (NAN)