The Association of Bureaux de Change Operators of Nigeria has highlighted the positive impact of the naira’s recovery on the prices of goods and services in the country.
According to Aminu Gwadebe, the president of the association, the decision of the Central Bank of Nigeria (CBN) to permit Bureaux de Change to operate in the foreign currency market has played a significant role in the naira’s recovery. He emphasized that the recent developments in the foreign exchange market have led to a decrease in inflation, resulting in lower prices for essential commodities.
He also noted that the public’s confidence in the local currency has increased, reducing the tendency for currency substitution behavior that previously exerted pressure on the naira.
Furthermore, Gwadabe highlighted the ongoing success story, stating that the naira traded at 1,255/$ on Saturday, lower than the advised selling rate of 1,269.77/$ for Bureaux de Change. He described these market developments as revolutionary and predicted that a stable naira would attract more foreign portfolio inflows to the Nigerian economy, further contributing to its grwth and stability.
Source: PUNCH