ABCON Commends CBN on Naira Stability

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The Association of Bureau De Change Operators of Nigeria (ABCON) on Saturday commended the Central Bank of Nigeria (CBN) on its efforts at ensuring the stability of the naira.

Alhaji Aminu Gwadabe, President, ABCON, commended the apex bank in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the sustained liquidity boost at the foreign exchange market and other macro economic policies of the CBN had helped the naira to remain comfortably stable.

According to him, the naira exchange rate to the dollar has not gone beyond the N360 to the dollar in a long while.

He gave kudos to the CBN for its effort in achieving the feat.

NAN reports that in 2018, the apex bank spent about 39 billion dollars to defend the naira.

Its interventions in 2019 is also running into billions of dollars.

The CBN has been able to achieve price stability across board, a robust foreign exchange stability and expansion in the manufacturing sector as shown by the Purchasing Managers Index (PMI) report.


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