Photo Collage of Mr. Godwin Emefiele, Governor of CBN and Redesigned Banknotes

Naira redesign policy stabilising Nigeria’s currency in parallel market –BDC Operators

*Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria, affirms the ‘Naira redesign and the security surveillance of the financial system have stemmed the volatile demand pressure in the parallel market’ in the economy

Isola Moses | ConsumerConnect

Following the launch of the new Naira notes in the economy November 2022, the Association of Bureaux De Change Operators of Nigeria (ABCON) has stated that the national currency redesign policy of the Central Bank of Nigeria (CBN) has ensured stability of the Naira in the parallel market.

Aminu Gwadabe, President of ABCON, stated this in an interview with the News Agency of Nigeria Sunday, January 22, 2023, in Lagos.

Naira notes and US Dollars 

Gwadabe spoke against the backdrop of the outlook of the Naira as the January 31 deadline for the swap of the old Naira notes with the new ones approaches.

The ABCON President said: “The Naira redesign and the security surveillance of the financial system have stemmed the volatile demand pressure in the parallel market.

“This explains the stability witnessed at the retail end of the  parallel market.”

ABCON also stated that the Naira had traded within a stable band of N750 to a US Dollar since the introduction of the policy last year till date.

The exchange rate, Gwadabe noted, has remained stable in the face of the shortage of supply of the Dollar in the market.

He further explained the lack of available new Naira notes has continued to raise fears and concerns among the average Nigerian consumers.

The ABCON President, therefore, urged the CBN to continue its advocacy and stakeholder engagement efforts towards ensuring a seamless transition of old notes to the redesigned banknotes.

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