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Currency Redesign Fuels Stability Of Naira In Black Market



black market naira

The Association of Bureaux Des Change Operators of Nigeria (ABCON), says that the naira redesign policy of the CBN has fuelled the stability of the naira at the black market.

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

NAN reports that 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 have 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 in pursuit of the stability of the naira in the black market following the redesign policy of the apex bank. (NAN)

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