President of the Association of Bureau De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe has said that the naira is gradually firming-up against the dollar and other major currencies.
He however warned end users of forex in Nigeria to desist from speculation, adding that the announcement of the resumption of sales of foreign exchange to Bureau De Change operators in the country has led to about N47 appreciation in the value of naira to the dollar.
According to the ABCON President, whosoever attempts to undermine the market by mopping up the available dollars will only have himself or herself to blame as the rates are bound to crash in no disant time.
He argued that with Nigeria’s external reserve at $32 billion, capable of supporting the nation’s imports for a period of six months, the rising demand for crude oil as well as the associated increase in the price of the commodity, in addition to the resumption of businesses in some of the developed countries where Nigerian citizens work and remit money back home by way of diaspora remittances ‘ as measures that will further assist the apex bank defend the naira and ensure stability.
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