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Foreign ExchangeNews

Exchange rate will appreciate after ongoing Naira redesign – ABCON

The Association of Bureau De Change Operators of Nigeria (ABCON) has forecast that the naira exchange rate would increase following the ongoing revamping of various denominations of the country’s currency, which is scheduled to end on January 31, 2023.Information Guide Nigeria

The Central Bank of Nigeria (CBN) is expected to “narrow the gap between the flexible versus fixed exchange rate to flood the market with capital inflows,” according to ABCON President Mr. Aminu Gwadabe, who made the prediction in a comment on his Whatsapp status.

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Gwadabe emphasized that his outlook for the naira in 2023 was that the CBN would be able to mop up sizable portions of the naira that were currently “putting pressure on the fragile exchange rate volatility in the parallel market as the demand surge witnessed only spurious and began to thin out gradually” outside the banking vault.NYSC portal

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He added: “With this scenario and the expectations of the central bank to reduce the gap between the fixed and the parallel market to encourage the critical foreign inflows as a significant liquidity source to strengthen the naira.

“The envisaged liquidity will flood the market like we witnessed in 2016 when they established the I&E window to attract foreign inflows in the market for investment into our vast natural resources.

The redesign of the currency in the denominations of N200, N500, and N1,000 was announced by CBN Governor Mr. Godwin Emefiele on October 26.JAMB portal

The new banknotes would go into circulation on December 15, 2022, according to the CBN governor, who noted that the modification was made in response to the president’s permission.

He had stated that the move was also intended to counteract the growing ease and risk of currency fraud, which had been shown by several security reports, as well as the increased risk to financial stability and the worsening shortage of clean and suitable currency, which had a knock-on effect on the public’s perception of the central bank.

According to information published on the Central Bank of Nigeria (CBN) Currency Swap Rate, the Naira and the US dollar currently exchange at a rate of 443.16 to 1 dollar, however on the black market, the Naira is worth N775 to 1 dollar.

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The parallel market exchange rate between the Naira and the British Pound Sterling is stable at N870, and N805 is exchanged for one Euro. The official exchange rate between the Naira and the Pound Sterling is 525; the Naira to the Euro is 458.7.JAMB Result

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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