Dollar hoarding is causing the value of the naira to decline –ABCON

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Bureau De Change operators have raised the alarm that the depreciation in the value of the naira is to the fact that some Nigerians are keeping their savings in the United States dollar.
National President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, stated that there was a need for the forex market to be liquid.
Gwadabe noted that the $2.2bn released by the African Import-Export Bank was not enough to stimulate the market.
He noted that the $2.2bn Afrexim bank crude prepayment facility is a welcome development but not enough to stimulate the market considering that the demand in the I&E window alone ranging from $150m to $250m daily.
The President however, called for a paradigm shift in the supply of dollars into the forex (FX) market.

Written by: bossgmsi

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