The President of the Association of Bureau De Change of Nigeria, Aminu Gwadebe, has said that the 1500/$ peg in the 2025 Appropriation Bill was within reach on the back of recent foreign exchange reforms being pushed by the Central Bank of Nigeria.
Gwadebe said this on Tuesday in a chat with The PUNCH about the strengthening of the naira amid the festivities.
According to the FMDQ forex close, the naira appreciated to N1,539.55/$ on Monday from N1,541.7/$ last Friday.
At the parallel market, BDC operators in the Yaba area of Lagos quoted the naira at 1650/$ on Tuesda
Speaking on the trend, Gwadebe said, “The naira is stabilising and steadily appreciating. It is around N1650/$; buying is lower than that.
“The Electronic Foreign Exchange Matching System is about transparency, and if you don’t forget, the CBN has intervened many times to keep liquidity in that market, and now they have also issued a circular lifting the suspension on sales of interbank FX to BDCs by the banks. Structures are being put in place to ensure the take-off. As soon as that is completed. I’m sure it will also help the retail end, and we will begin to see the achieved target of N1500/$ being estimated in the 2025 budget.”
The CBN’s EFEMs went live at the beginning of the month to boost the operational efficiency and transparency of the nation’s FX market.