ABCON Foresees Stronger Naira After Banknotes’ Redesign

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Obinna Chima

The Association of Bureau De Change Operators of Nigeria (ABCON) has predicted that the naira exchange rate would appreciate after the ongoing redesigning of some dominations of the nation’s currency.

President of ABCON, Mr. Aminu Gwadabe, made the prediction in a note on his Whatsapp status yesterday, saying the Central Bank of Nigeria (CBN) was likely, “to close the gap between the flexible versus fixed exchange rate to flood the market with capital inflows.”

Gwadabe, who stressed that his outlook for naira in 2023, was that the naira redesign measure would help the CBN to mop up significant proportions of the naira outside the banking vault which hitherto was, “putting pressure on the fragile exchange rate volatility in the parallel market as the demand surge witnessed only spurious and began to thin out gradually.”

He added: “With this scenario and the expectations of the central bank to reduce the gap between the fixed and the parallel…



Source: Thisday Newspaper