The President, Association of Bureau De Change of Nigeria (ABCON), Aminu Gwadabe, says recent monetary policy decisions of the Central Bank of Nigeria (CBN) have made the Naira to gain strength.
Gwadabe said this in a telephone interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
According to Gwadabe, the parallel market rate of the Naira as of today is N1,305 to the dollar.
He said that the dollar exchanging at between N1, 300 and N1, 900 was inorganic.
“I see it maintaining its organic journey, which is N1,200 to the dollar, ” he said.
He said that the CBN had taken a lot of measures to stabilise the foreign exchange market by way of treasury bills that had attracted billions of dollars, with the promise of almost N30 billion coming in.
“The CBN has also fixed the lending rate to 24.75 per cent so as to reign in inflation.
“The apex bank also raised the Cash Reserve Ratio (CRR) of banks to reduce liquidity that is chasing after the dollar.,” he said
Gwadabe said that the most effective measure was the inclusion of Bureaux De Change (BDCs) into the official foreign exchange window.
He said that the security agencies were also tracing unearned incomes that were used to chase foreign currencies.
“There is a lot of progress in that regard. A lot of information on how stolen money is being moved around is being gathered.
“And now, there is deterrent. People are watching keenly now to know whether to speculate. The trajectory is sustainable,” he said.
He said that the government was also attaining investors while tackling the security challenges that have resulted in weakening the Naira. (NAN)