Currency Traders Want Buhari To Make One Dollar Equal To 250 Naira
Currency dealers under the auspices of the Association of Bureaux de Change Operators of Nigeria, ABCON have asked President Muhammadu Buhari to work towards an exchange rate of 250-naira to a United States dollar in his second term in office.
The President of ABCON, Aminu Gwadabe, said achieving a lower exchange rate for the economy would benefit Nigerians and lift businesses.
In a statement, the group said the naira exchanged at 362-naira to a dollar at the parallel market and 358-naira to dollar at the Bureaux de Change, while it exchanged at 306-naira to dollar at the official rate.
The ABCON boss also said such lower exchange rate would improve the transaction volume for BDCs by enabling operators to buy and sell more dollars from their available cash flow.
He said a lower exchange rate against the greenback would stabilise the local currency, raise investors’ confidence, improve diaspora remittance flow and entrench fiscal discipline.
A stronger naira, he added, would raise the Internally Generated Revenue, help in the implementation of the restriction of foreign exchange access to 42 items that could be produced locally and improve the BDCs’ capabilities to thrive.
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