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LequteMan
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Head of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe, has advised the Central Bank of Nigeria, CBN, on how to reduce the pressure on the naira.
The local currency will appreciate if there's less pressure on it.
The currency on Monday weakend further, exchanging at 345 units to a dollar at the parallel market, it's worst level ever.
"In my own view, the central bank should address the supply side of the market by allowing oil companies and banks to sell dollar to bureau de change operators as an immediate measure to reduce pressure on the naira," said Aminu Gwadabe.
CBN had last month halted dollar sales to non-bank foreign exchange operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.
Nigeria earns around 90 percent of its foreign exchange earnings from crude oil exports, but mismanagement of its refineries means it must also import expensive refined fuel, eating deep into its reserves.
Reuters
The local currency will appreciate if there's less pressure on it.
The currency on Monday weakend further, exchanging at 345 units to a dollar at the parallel market, it's worst level ever.
"In my own view, the central bank should address the supply side of the market by allowing oil companies and banks to sell dollar to bureau de change operators as an immediate measure to reduce pressure on the naira," said Aminu Gwadabe.
CBN had last month halted dollar sales to non-bank foreign exchange operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.
Nigeria earns around 90 percent of its foreign exchange earnings from crude oil exports, but mismanagement of its refineries means it must also import expensive refined fuel, eating deep into its reserves.
Reuters
