Naira gains in forex market

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The Association of Bureaux De Change Operators of Nigeria says the Naira’s return to the growth path is sustainable because the recent devaluation experienced is artificial.

The President of ABCON, Dr Aminu Gwada, disclosed this in a statement on Saturday.

According to him, the recent depreciation of the Naira was due to a loss of confidence in the local currency among other challenges.


He, however, hailed the efforts of the federal government toward ensuring the rebound of the country’s currency.

“The rebound of the Naira has shown no empirical evidence to back up its recent mindless depreciation. The depreciation is out of speculation, currency substitution and loss of confidence.

“I therefore congratulate the authorities on their abilities to induce confidence in the market. It is also important to note that the Naira is just trying to discover its place as it is difficult to control price mechanisms by feat in a competitive and liberalised market, but the interplay of demand and supply in the market.

“I see the rebound trajectory to be sustained in the market despite the resistance of the speculators that are recording huge losses from the development as both the fiscal and monetary policies have continued to renew hope of huge liquidity injection from the proceeds of NLNG dividends and access to bilateral financial assistance,” he said.

Recall that Naira gained at the end of last week on Friday, exchanging for 789.94/$ and N1,113/$1 at official and parallel foreign exchange markets, respectively.