Bureaux de Change operators in Nigeria have set an agenda for President Muhammadu Buhari to achieve an exchange rate lower than N250 against the US dollar.
Aminu Gwadabe, President of the Association of Bureaux de Change Operators of Nigeria (ABCON), said the exchange rate reduction would help stabilize the economy.
He said a lower foreign exchange regime will stabilise the local currency, raise investors’ confidence, improve foreign remittance flows and entrench fiscal discipline.
“A stronger naira will raise Internally Generated Revenues (IGRs), help in the implementation of the restriction of foreign exchange access to 42 items that can produce locally and improve BDCs capabilities to thrive,” he said.
Gwadabe urged the Nigerian government to constitute a new economic management team and review forex performance in the last four yeas.
Naira opens trading at N360 to a dollar on Monday
The Naira on Monday opened for trading at N362 to the dollar at the parallel market and N361 at the I&E – Investors’ & Exporters’ FX Window. The local currency is trading at N306.85 for a dollar in the official market.
Meanwhile, investment and consultancy firms have predicted that the value of naira may fall above N400 to a dollar by the end of 2019. Predictions, the currency traders described as mere speculation.
PwC predicted that the currency may suffer a drop in value between N390 to N415 to a dollar while Afrinvest put it at N401 per dollar.
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