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‘Naira Ends Year On High Note Over CBN, ABCON Partnership’

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The strategic partnership between the Central Bank of Nigeria (CBN) and Association of Bureaux De Change Operators of Nigeria (ABCON) on foreign exchange supplies and sustenance of market integrity helped naira stability last year.

President, ABCON, Aminu Gwadabe, who disclosed this to journalists at the end of year briefing in Lagos, said both the apex bank and ABCON worked together in the course of 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.

Gwadabe said the partnership between both institutions will continue in the New Year to make Naira sovereign in the forex market.

He said:  “The strategic partnership between the Central Bank and ABCON continued to  make the naira sovereign in the foreign exchange market. The opening market rate N360/361 to dollar on the two-way quote has been stable. This sustained stability made the Bureaux De Change (BDCs) to continue to be the potent monetary policy tool of CBN exchange rate managements”.

According to the ABCON boss, the market distortions by forex speculators, rent seekers, currency hoarders and frivolous demand that usually endangered naira stability have been successfully checkmated. He said it was no longer profitable to attack Naira in the market.

The foreign exchange rates collected across  different markets and released yesterday by ABCON showed that last year’s closing rates in Lagos were buying/selling rates for dollar stood at N358/359.5; Pounds Sterling, N452/N457 and Euro N404/N409.5 respectively.

In Port Harcourt, dollar buying/selling rates closed the year were at N359/361; Pounds Sterling, N457/N464 and Euro N405/N408 respectively.

In Abuja, dollar buying/selling rates closed last year  at N359/360; Pounds Sterling, N464/N467 and Euro N407/N410 respectively. In Kano, dollar buying/selling rates for last year were at N359/360; Pounds Sterling, N465/N472and Euro N407/N411 respectively.

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

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