• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 15, 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
1 year 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

4th Digital Xperience Centre To Enhance Banking Services – First Bank

FirstBank Partners UNGC To Bridge SDG Financing Gap

12 hours ago
Stockbrokers To Launch First Book, Documentary On Nigerian Capital Market

Stockbrokers To Discuss Economic Growth Strategies

12 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

4th Digital Xperience Centre To Enhance Banking Services – First Bank
Business

FirstBank Partners UNGC To Bridge SDG Financing Gap

2025/07/15
Stockbrokers To Launch First Book, Documentary On Nigerian Capital Market
Business

Stockbrokers To Discuss Economic Growth Strategies

2025/07/15
Customs CG Approves Promotion Of 357 Junior Officers
Business

Infractions: Customs Ban Pharmaceutical Goods Clearance From Bonded Terminals

2025/07/15
Improved Licensing Process Attracts $1.2bn Investment To Modular Refineries
Business

Improved Licensing Process Attracts $1.2bn Investment To Modular Refineries

2025/07/15
Court Restrains Reps From Investigating Sterling Bank
Business

Sterling Bank Seeks To Boost Non-oil Export With Academy

2025/07/15
PTDF Boosts Oil & Gas Manpower, As 5,000 Screens For Overseas Scholarship
Business

Scholarships: PTDF Strengthens Oil & Gas Sector With Strategic Partnerships, Screens 5,723 Applicants

2025/07/15
Leadership Conference advertisement

LATEST

Lagos Police Arrest Suspect With Firearms, Launch Anti-cult Squads

EU, Turkiye, Others Mourn Buhari

JUST–IN: Ex-President Buhari Buried After State Funeral

Buhari Told Me He Felt Better Out Of Office — Gov Radda

FIBA U19 WWC: Junior D’Tigress Suffer Second Defeat, Avoid US In Round Of 16

40,678 Kogi Children Affected By Malaria In 2024

Buhari’s Remains Arrive Daura Ahead Of Burial

Police Arrest 2 Suspected Killers Of Chinese National

Police Kill 6 Suspected Kidnappers, Arrest 7 Others In Delta

NDLEA Raises Alarm Over High Rate Of Drug Abuse In Akwa Ibom

© 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.