NigeriaBDCs: Currency Redesign Stabilising Naira At Parallel Market

BDCs: Currency Redesign Stabilising Naira At Parallel Market

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Lagos, Nigeria – The Central Bank of Nigeria (CBN)’s naira redesign policy has contributed to the currency’s stability at the parallel market, says the Association of Bureaux De Change Operators of Nigeria (ABCON).

Dollar and New redesign Naira notes

The association’s president Aminu Gwadabe disclosed the statement on Sunday January 22, 2023 in Lagos, NAN reports.

ABCON leader, Mr Gwadabe spoke against the backdrop of the outlook of the naira as the January 31 deadline approaches for swapping the old naira notes with the new banknotes.

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“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,” Mr Gwadabe said.

The ABCON chief added that the naira had traded within a stable band of N750 to $1 since the introduction of the policy to date. He said the exchange rate had remained stable in the face of the shortage of supply of the dollar in the market.

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According to him, the lack of available new naira notes has continued to raise fears and concerns among average Nigerians.

He urged the CBN to continue its advocacy and stakeholder engagement to transition old notes to new ones seamlessly.

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