Naira stays strong despite election odds, says ABCON

….Applauds CBN, BDCs reforms

The naira has in over 18 months remained stable at both the official and parallel markets despite several odds facing it ahead of the 2019 general elections, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said.

Naira
Naira

Speaking to journalists in Lagos, the ABCON boss commended 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.

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The naira exchanges at N306/$1 in the official market and N358/$ in the parallel market despite the election fears.

Gwadabe said that the absence of foreign exchange spikes and volatility before and during the 2019 elections year is a major achievement by the CBN and Federal Government. He said: “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”.

On deepening capacity/skills of industry operators, Gwadabe   appealed  to the CBN to issue Letter of Consent to ABCON proposed training institute.  This, he added, is going to boost 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.

 

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