The fortunes of the American greenback against the Nigerian Naira has continued to plummet even as the Naira has firmed up it’s value and is currently trading at N250 to $1.
SUN reported The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, as saying the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance.
He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira.
Gwadabe, who said the association was in partnership with the authorities to step up efforts to rid the market of illegal currency traders stated: “Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the naira!” he stated.
He also affirmed ABCON’s backing to ensure its members comply with the Central Bank of Nigeria’s regulation as well as operate within the approved margin of 3.5 per cent with the hope that the demand and supply situation would improve to restore calm and stability in the market.