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LequteMan
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President of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe, has expressed desire to work with the Central Bank of Nigeria to alleviate the pressures on the currency.
“We will cooperate with the CBN to narrow the gap between the parallel market and the official market," he said. “We are looking at an acceptable exchange rate for the dollar."
Gwadable also admitted pressures, even from the International Monetary Fund (IMF) that the naira was overvalued.
“There are pressures from speculators and from black market operators. All these are happening in the market and it is really driving up the rate.
“We are looking at a very acceptable margin between the official and parallel market rates, say a maximum of five per cent, which translates to about N10,” Gwadabe said.
“We will cooperate with the CBN to narrow the gap between the parallel market and the official market," he said. “We are looking at an acceptable exchange rate for the dollar."
Gwadable also admitted pressures, even from the International Monetary Fund (IMF) that the naira was overvalued.
“There are pressures from speculators and from black market operators. All these are happening in the market and it is really driving up the rate.
“We are looking at a very acceptable margin between the official and parallel market rates, say a maximum of five per cent, which translates to about N10,” Gwadabe said.
