CBN, ABCON partnership stabilises naira despite campaign spendings

Ongoing strategic partnership between the Central Bank of Nigeria (CBN) and the Association of Bureaux De Change Operators of Nigeria (ABCON) has kept the naira stable at both the official and parallel markets despite huge campaign spendings by political parties.

ABCON President, Alhaji Aminu Gwadabe, who spoke with financial journalists in Lagos at the weekend, said measures initiated by the CBN including the sustenance of dollar supply to over 4,000 Bureau De Change (BDC) operators across the country through the International Money Transfer Operators (IMTOs) forex window has helped the status of the local currency.

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Accordingly, the CBN, spot rate closed last week somewhat flat at N306.75/$1 from N306.70/$1 in the previous week.

Similarly, the exchange rate at the Investors & Exporters (I &E) forex window closed at N364.70/$1. At the parallel market and BDCs, the naira traded at N363/$1 throughout the week.

“ The naira remains stable despite political parties campaign spendings across

The post CBN, ABCON partnership stabilises naira despite campaign spendings appeared first on The Sun Nigeria.

Source: news

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