The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap campaign plan needed to save the naira from further decline and enhance exchange rate stability.
The ABCON National Executive Council said the move to save the naira was agreed by the body at the conclusion of its meeting in Lagos, where it unveiled strategies for save the local currency, bridge the exchange rate gaps and curb volatility in the forex market.
The naira exchanges at N596 to dollar at the parallel market and N415.83 to dollar at the official market creating a rate gap of N180.17 per dollar.
The ABCON President, Alhaji (Dr) Aminu Gwadabe said there was urgent need to enhance dollar liquidity in the market and ensure stability of prices in the economy.
These steps, he said would save the local currency and economy from the impact of election spending that has kept inflation at double digits for a very long time.
The ABCON boss disclosed that the depreciation of the naira against global currencies was due to pressure from rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy.
