By Fabian Ekeruche
Lagos – The Association of Bureau De Change Operators of Nigeria (ABCON) on Monday said that in spite of the marginal losses of the Naira to the dollar at the FX market, the naira would gradually come to remain stable.
Alhaji Aminu Gwadabe, President, ABCON, gave the assurance on Monday while speaking to the News Agency of Nigeria (NAN) in Lagos.
The ABCON chief said that the CBN had enough reserve to defend the naira against volatility or spikes.
Gwadabe, however, noted that the market was facing some challenges that could be resolved through liquidity boost.
”The backlog of demand of about 2 billion dollars in the market remain a challenge.
”The 20, 000 dollars weekly sales to BDCs of proceeds of International Money Transfer Service Operators (IMTSO), in spite of the depleted inflow of the proceeds, is still a cause for concern,” Gwadabe said.
Industry watchers, however, are optimistic that as liquidity permeates the entire market, the naira would attain stablility.
The naira which had traded at N477 to a dollar, shored up its value to N435 at the announcement of the resumption of dollar sales to BDCs.
However, it traded at N445 to a dollar on Friday, and closed at N460 to a dollar Monday evening on the streets of Lagos.