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ABCON: CBN’s currency redesign policy boosting naira stability at parallel market

ABCON: CBN’s currency redesign policy boosting naira stability at parallel market
January 23
12:32 2023

The Association of Bureaux De Change Operators of Nigeria (ABCON) says the currency redesign policy has stimulated the stability of the naira at the parallel market.

Aminu Gwadabe, ABCON president, disclosed this on Sunday in an interview with NAN in Lagos.

Over the past few weeks, the naira has been largely stable against the dollar — exchanging between N740/$ and N750/$ at the parallel market.

He spoke on the outlook of the naira as the January 31 deadline for the demonetisation of old naira notes approaches.

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

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

The ABCON president said the local currency had traded within a stable band of N750 to the dollar since the introduction of the policy till date.

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

According to Gwadabe, the unavailability of the new naira notes have continued to raise fears and concerns among average Nigerians.

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

Yesterday, Mai Mala Buni, governor of Yobe state, appealed to the CBN to grant special concession to residents to enable them exchange their old naira notes for the redesigned notes.

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