• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 18, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Forex Crisis: ‘$2.25bn Afreximbank Disbursement Inadequate’

Nigerians still savings in dollars amid depreciating naira

by Sivowaku Abiodun
2 years ago
in Business
Afreximbank
Share on WhatsAppShare on FacebookShare on XTelegram

The Association of Bureau De Change Operators of Nigeria (ABCON), has stressed that the $2.2 billion released by the African Import Export Bank (Afrexim bank), is not enough to stimulate the market in view of the persistent foreign exchange crisis in the country.

Advertisement

National president of ABCON,  Aminu Gwadabe, lamented that due to the depreciation in the value of naira, some Nigerians are now keeping their savings in the United States dollars.

Disclosing this to our Correspondent yesterday, Gwadabe stated that there is the need for the forex market to be liquid in order to stop the trend.

According to him, “For now, it’s a difficult situation which is also creating panic in the market because the value of the naira is eroding and because of that, a lot of people prefer to keep their savings in dollars,” he disclosed.

Speaking on the $2.2 billion crude oil prepayment facility, Gwadabe said, “the $2.2billion Afrexim bank crude prepayment facility is a welcome development but I don’t think it’s enough to stimulate the market considering the situation because if we put $2.2billion into the market, we have been seeing demand in the I&E window alone ranging from $150million to $250million daily so, in 10 days, the $2.2billion will be exhausted. Speculators will speculate and we will run it out between 10 to 15 days.”

RELATED

How To Start Accepting Crypto As A Business

How To Start Accepting Crypto As A Business

2 hours ago
Why Credit Cards Excel For Online Casino Payments In Canada

Why Credit Cards Excel For Online Casino Payments In Canada

5 hours ago

He, however, called for a paradigm shift in the supply of dollars into the FX market, “we need to have a paradigm shift in terms of supply, it’s very important and should be immediate. We have been talking about diaspora remittances and as of last year we recorded over $20billion US dollars.”

Corroborating Gwadabe, a financial analyst, Ayokunle Olubunmi, said Nigerians are buying and keeping their earnings in foreign exchange in order to meet future financial obligations.

He said, “It’s a no brainer, let’s think about it if you look at the trend of the naira this year alone, there will be devaluation and if we look at the level of devaluation so far and people who have dollar needs in the couple of months or years, for instance, may be buying and keeping it.

“For instance, anyone going on vacation in August, it will be very profitable for the person to borrow money now to buy dollars and keep it till he needs it. He may even be paying interest on it. I am telling you the way of thinking in Nigeria.

“I even know that his child will be schooling abroad in the next 5 years and the person is buying dollars and keeping them as he’s getting the money little by little for the obligations he wants to meet in the future,”  Olubunmi stated.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Afreximbank
SendShareTweetShare
Previous Post

Reps To Formulate Proactive Framework For Protecting Depositors Fund

Next Post

Nigeria’s Oil Revenue Gains As Output Hits 1.34mbpd

Sivowaku Abiodun

Sivowaku Abiodun

You May Like

How To Start Accepting Crypto As A Business
Business

How To Start Accepting Crypto As A Business

2025/07/18
Why Credit Cards Excel For Online Casino Payments In Canada
Business

Why Credit Cards Excel For Online Casino Payments In Canada

2025/07/18
Expo To Champion Homegrown Tech, Local Manufacturing
Business

Expo To Champion Homegrown Tech, Local Manufacturing

2025/07/18
GTCO’s Squad Partners Omnipay To Simplify FMCG Payments
Business

GTCO’s Dual Listings Drive Share Price Appreciation

2025/07/18
ECA Projects Slow Global GDP Growth
Business

Clean Energy: Economic Commission Pushes For Innovative Financing For Africa’s Industries

2025/07/18
I Will Continue To Support, Collaborate  With Army – Uzodimma
Business

Digital Skill: Imo Partners California Varsity To Train 100,000 Youths

2025/07/18
Leadership Conference advertisement

LATEST

Enugu Police Rescue 6 Stolen Children In Multiple Operations

Hit-and-Run Driver Kills Police Officer In Gombe

Police Arrest Wanted Notorious Bandit, Others In Kaduna

Your Periodic Attempts To Review 1999 Constitution, A Waste Of Resources, Gov Diri Tells Lawmakers

Pension: Labour Rejects Ogun Gov’s Plea, Vows To Continue Indefinite Strike

How To Start Accepting Crypto As A Business

WAFCON 2025: Dominant Super Falcons Thrash Zambia 5-0 To Reach Semifinals

In Kano, Tinubu Hails Late Dantata’s Legacy Of Humility, Generosity

Why Credit Cards Excel For Online Casino Payments In Canada

ICPC To Arraign KANSIEC Chair, Others Over Alleged N1bn Money Laundering

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.