The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap to save the naira from further decline and enhance exchange rate stability.
This is contained in a statement by ABCON at the end of its National Executive Council meeting held in Lagos. It unveiled strategies for saving the local currency, bridging the exchange rate gaps, and curbing volatility in the forex market.
The statement was signed by the ABCON’s President, Alhaji Aminu Gwadabe, in Lagos.
Gwadabe said, “there is an urgent need to enhance dollar liquidity in the market and ensure the stability of prices in the economy.”
According to him, following this route will save the local currency and economy from the impact of election spending that has kept inflation at double digits for a very long time.
The ABCON boss said that the depreciation of the naira against global currencies was due to pressure from rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy.
“The naira has consistently come under serious pressures due to dollar scarcity making it difficult for forex end users, manufacturers and key industry players to access dollars needed to meet their needs.
“Under my leadership, ABCON will continue to encourage our members to close the exchange rate gaps in the market and reduce widening premium between the parallel market and the official window,” Gwadabe said.