ABCON credits Naira stability to partnership with CBN

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Currency sellers have accreditted the stablility of Naira from 2018  till the New Year to the partnership between the regulator and Bureau De Change (BDC) operators.

The partnership improved  foreign exchange supplies and  helped sustain  market integrity , leading to significant reduction of currency hoarding. This helped the Naira stabilise .

The Association of Bureaux De Change Operators of Nigeria ( ABCON ), said it partnered with the apex bank  during the year to achieve exchange rate stability, which is one of the agenda set by the CBN Governor , Godwin Emefiele, at the beginning of his tenure.

ABCON President , Aminu Gwadabe , while briefing newsmen in Lagos promised to maintain the  partnership between both institutions in 2019 , to make Naira sovereign in the foreign exchange market .

The foreign exchange rates collected across different markets and released  by ABCON showed that last year ’ s closing rates in Lagos for buying /selling rates for dollar stood at N358 / 359 . 5 ; Pounds Sterling , N452 /N457 and Euro N404 /N 409 . 5 .

Gwadabe also noted that last year, ABCON  created Naijabdcs. com , a live rate engine room created to provide uniform rate for all BDCs across the country.

He said despite huge campaign spending by political parties, the local currency stability has also been achieved in the official market , where the exchange rate closed the year at N307 to dollar.