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Sustain your strategies to stabilise forex market, ABCON advises Emefiele

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The Association of Bureaux De Change Operators of Nigeria (ABCON) on Wednesday advised the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to sustain all strategies used to stabilise the foreign exchange market.

The APCON President, Alhaji Aminu Gwadabe, gave the advice in an interview with the News Agency of Nigeria . Emefiele, had on Monday during a press briefing, said that the bank would continue to operate a managed float exchange rate regime to reduce the impact of continuous volatility in the exchange rate on the economy.

Gwadabe was reacting to the five-year policy thrust presented by Emefiele for his second term. He said there were predictions that the foreign exchange rate was heading to N1,000 to the dollar before the CBN governor rescued the situation.

The ABCON chief described the strategies by CBN to stabilise the foreign exchange market in the last 27 months as wonderful.

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According to him, the foreign exchange market is volatile, but the apex governor has tried in ensuring stability in the last couple of months.

Gwadabe said that no country would allow its currency to float freely, not even United States, hence the need to commend the intervention by Emefiele so far. “The CBN Governor has done well; I must join others to commend him for the feat achieved.

“It is not easy, he must have stepped on toes. “I must be frank with you, we have witnessed success in the forex market; the governor is determined to remove volatility in the business,” he said.