Currency traders set N250/$1 exchange rate agenda for President Buhari

Gwadabe urges the Nigerian government to constitute a new economic management team and review forex performance in the last four yeas.

A bureau de change operator counts U.S. hundred dollar notes in Abuja, March 12, 2015. In Nigeria, holding naira has become increasingly unpopular as it has lost its value.  REUTERS/Afolabi Sotunde
  • Currency traders set N250/$1 agenda for President Muhammadu Buhari.
  • The BDC operators believe that a lower foreign exchange regime will stabilise the local currency, raise investors' confidence, improve remittance inflows and entrench fiscal discipline.
  • Naira opens trading on Monday at N362 to the dollar at the parallel market and N361 at the I&E; – Investors’ & Exporters’ FX Window.

Currency traders have set an agenda for President Muhammadu Buhari to achieve a lower foreign exchange rate N250 against the US dollar.

Aminu Gwadabe, President of the Association of Bureaux de Change Operators of Nigeria (ABCON), over the weekend, said lowering the currency rate will help stabilise 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 trading at N362 to the dollar at the parallel market and N361 at the I&E – Investors’ & Exporters’ FX Window. The local currency trades flat at N306.85 to a dollar at the official market.

Meanwhile, investment and consultancy firms have predicted that the value of naira may fall above N400 to a dollar at 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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