Analysts, ABCON Upbeat about Further Appreciation of Naira – THISDAYLIVE


*Naira redesign throws ISWAP into confusion, terrorist group taxes farmers, traders in CFAs

Festus Akanbi

As the nation’s foreign exchange users continue to bask in the euphoria of last week’s rebound in the value of the naira, especially at the open market, financial analysts and the Association of Bureau de Change Operators of Nigeria (ABCON) at the weekend said the coast is clear for the local currency to record a further rise in its value as the new week unfolds.

This is coming as the Shura Council of the Islamic State of the West African Province (ISWAP) has banned naira as a means of transaction for the illegal tax it collects from peasant farmers, fishermen and traders.

The Naira, which had succumbed to the speculative activities in the forex market to hit an all-time high of N901 to a US dollar earlier last week, recorded a considerable level of appreciation as it closed at N710 to a dollar at the open market on Friday.
However, the value…

Source: Thisday Newspaper