Abcon president says naira will appreciate after stability #

It seems like you're referring to a recent statement made by the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe. According to reports, he stated that the naira will appreciate in value once stability is achieved in the foreign exchange market.

Here's a breakdown of what he said:

• The President of ABCON, Aminu Gwadabe, believes that the naira will appreciate in value once stability is achieved in the foreign exchange market.
• He made this statement during a recent interview, where he emphasized the need for a stable exchange rate to boost investor confidence and attract foreign investment.
• Gwadabe also highlighted the importance of addressing the challenges facing the foreign exchange market, including the scarcity of foreign exchange and the high demand for dollars.
• He suggested that the Central Bank of Nigeria (CBN) should take steps to stabilize the exchange rate, such as increasing the supply of foreign exchange and implementing policies to reduce the demand for dollars.

It's worth noting that the naira has been experiencing significant volatility in recent times, with the exchange rate fluctuating wildly due to a combination of factors, including the COVID-19 pandemic, the global economic downturn, and the country's reliance on imported goods.

While Gwadabe's statement is optimistic, it remains to be seen whether the naira will indeed appreciate in value once stability is achieved in the foreign exchange market. The CBN and other stakeholders will need to take concrete steps to address the underlying challenges facing the market and restore confidence in the naira.