Naira will Continue to Rise – Bureau de Change Operators

Bureau De Change Operators say the naira will continue to rise in both the official and parallel markets, due to strategic steps taken by the Central Bank of Nigeria (CBN) to stabilize the country’s currency.

President of the Association of Bureau De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, made this known in a statement.

Dr. Gwadabe said the apex bank was boosting dollar liquidity in the market and also mopping up cash through interest rates hike to keep the naira stable.

“The development stems from the ‘double-edged sword dollar liquidity injection and the mopping up of the naira through interest rate hikes.

“What is happening in the market and the continued naira rebounds is the manifestation of the CBN double-edged sword measures of dollar liquidity injection and naira mopping through the instrumentality of interest rates hikes.”

The local naira, which crossed N1,350/$1 at the parallel market a week ago, strengthened to N1,035/$1, with analysts predicting further appreciation in the weeks ahead.

On the Investors and Exporters window – official market – the local currency on Friday rallied to N776.14/$1.