NAIRA MAINTAINS STRENGTH DESPITE ELECTION- ABCON

The president of the Association of Bureau De Change of Nigeria, Alhaji Aminu Gwadabe, has announced that the Nigerian Naira has remained stable in the parallel and official markets over a period of 18 months despite several obstacles facing it ahead of the 2019 general election.

Alhaji Gwadabe commended the efforts of the Central Bank of Nigeria (CBN) financial sector reforms, and the contributions of the Bureau de Change (BDC) operators to the current exchange rate stability, as against the common practice of currency devaluations and depreciations across the world at election times.

The naira is now exchanged at the rate of N306 to $1 in the official market and N358 to $1 in the parallel market despite the election fears.

Gwadabe said that one of the major achievement of the CBN is the absence of foreign exchange spikes and errasticity before and during the 2019 elections year. He was quoted saying: “The dexterity of the government policies in ensuring that naira remained stable in an election year is commendable. Election years, as witnessed during the 2015 general elections, are marred by exchange rate volatility and spikes in the market”.

Alhaji Gwadabe has further appealed to the CBN to issue a Letter of Consent to ABCON proposed training institute. He claimed that this development was going to be a major boost in the current ABCON Management commitment to capacity building for its members to stimulate competency in the sector and make room for better foreign exchange management.