The naira to
dollar yesterday nosedive from N523 to N505 as a result of the
revaluation of foreign exchange by the Central Bank of Nigeria on Monday.
Acting President of Association
of Bureau de change Operators,Aminu Gwadabe,who confirmed this in a chat with
our correspondent, said the apex bank use of carrot rather than stick to
banks directing them to sell their invisibles services at 20percent
margin is really bringing out the stashed liquidity in the banking safe, homes,
etc.
He said other measures of the CBN
like reduced tenored futures, intervention in the parallel market have aided a
significant naira rebound in the market.
He however added there is the
need for the apex to still look at the sources of supply ends of the market
like the diaspora remittance and FDI agitations to complement the mouth
watering margin of 20% to banks transactions.
“The CBN should also harmonise
the rates between that of the BDCs buying and selling rates and banks to ensure
transparency and equity.
Because right now the same
products is being bought and sold in the same official window”.
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