Naira rebounds on CBN’s intervention

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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