Why Naira spike continues – Gwadabe

The President, Association of Bureau De Change Operators of Nigeria , Alhaji Aminu Gwadabe, has identified speculation, hoarding and increasing zero confidence of foreign investors among others as the reason for the continued spike in the exchange rate.
The ABCON chief also said that the existence of a Non-Derivable Forward market in London that enjoyed the patronage of Nigerian companies and foreign investors contributed to dollar liquidity challenge.
Gwadabe said said the NDF market rate hovers around N430 to a dollar.
He said, “The existence of that market is a challenge to liquidity inflow to our own market.”

The financial expert explained that Diaspora remittances had recently declined as most of the newly registered International Money Transfers Operators had yet to send inflows.
Gwadabe called for a robust and sustainable dialogue between operators in the forex market and the regulator to ensure an urgent solution to “the unfortunate situation”.
He noted that most countries experiencing recession were already getting out of it but wondered why the Nigerian situation was “lukewarm’’.
Gwadabe said that the regulators encouraged flexibility in the rates of foreign investors’ inflows as a temporary measure to boost liquidity in the market.
He called on the regulators of the forex market to also boost supply to the BDCs sub-sector.
NAN

Comments

Post a Comment

Popular posts from this blog

Tight security as Abia council polls hold today

Image
The Commissioner of Police in Abia State, Mr. Adeleye Oyebade, has said the State Police command will provide adequate security across the seventeen local government areas of the State to ensure a smooth conduct of the local government election today. He stated that the Nigerian constitution guarantees that there must be adequate security during elections at the local councils because the people at the grassroots were involved. Oyebade who spoke during a press conference with senior Police officers in Umuahia, the State Capital, pointed out that the command had mapped out its operational plans to secure the State during and after the election. He explained that leaders of various political parties in the State have been briefed regarding the conduct of their candidates and the electorate on the election day. He said, “Every credible election must be well planned, because proper planning prevents poor performance. So those of us that are stakeholders in the State h...
Read more

Confusion As ‘Cross Of Jesus’ Is Sighted In Nasarawa Mosque

Image
Residents of Assakio Development Area in Lafia, Nasarawa State were thrown into confusion on Saturday following the sudden appearance of a strange cross five feet away from a central mosque in the community. The mysterious sighting attracted a mammoth crowd from Assakio and its environs with many praying for forgiveness and blessings. Our correspondent observed that the illuminated cross was projected on to the ground. A 15 year-old-girl, Hajara Hussaini, in an interview with SUNDAY PUNCH, said she first sighted the sign of a cross at about 8pm on Wednesday. Hussaini, who said she had been sent on an errand by her parents, explained that when she saw a strange light, she as gripped by fear and rushed back home to alert her mother, Matan Liman. Confirming the incident to journalists, Matan said she had sent her daughter to visit her grandmother. The middle-aged woman added that her daughter saw the crucifix while returning from the errand. The Chief Imam of Assakio ...
Read more

Empress, Juliet Ibrahim in war of words over domestic violence

Image
Nigerian actress Empress Njama has also decided to voice their opinion on the issue of domestic violence. She however, seem to be the one of the few who has decided to fight for the men. She said, if a man hits a woman, it is called domestic violence but when a woman hit a man, what is it called? “There are men out there who are abused mentally by women through words and abuses than women who are been beaten physically  She however, maintained that she is not in support of men physically abusing a man, just that we needed to get it right on the issue of domestic violence “I’m not saying it is advisable for a man to beat up or assault a woman, but some women are headstrong that they can traumatize their partner mentally to the extent that he has no choice than to beat her up” She also made it clear that no marriage is without its challenges and that the two needs to work together to help it wor...
Read more