Why Naira will continue to fall – Bureau De Change Chief | Nigeria News Today. Your online Nigerian Newspaper

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The President, Association of Bureau De Change Operators of Nigeria , Alhaji Aminu Gwadabe, has identified speculation, hoarding and increasing zero confidence of foreign investors among others as the reason for the continued spike in the exchange rate.

The ABCON chief also said that the existence of a Non-Derivable Forward market in London that enjoyed the patronage of Nigerian companies and foreign investors contributed to dollar liquidity challenge.

Gwadabe said the NDF market rate hovers around N430 to a dollar.

He said, “The existence of that market is a challenge to liquidity inflow to our own market.”

The financial expert explained that Diaspora remittances had recently declined as most of the newly registered International Money Transfers Operators had yet to send inflows.

Gwadabe called for a robust and sustainable dialogue between operators in the forex market and the regulator to ensure an urgent solution to “the unfortunate situation”.

He noted that most countries experiencing recession were already getting out of it but wondered why the Nigerian situation was “lukewarm’’.

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  1. The truth is that president Buhari lacks the wherewithal to lead even a local government, talk less of managing a very complex economy like Nigeria. The man is ruining Nigeria! He is totally clueless and foreign investors were the first decipher this, hence they quickly withdrew their hedge funds at the onset of this regime.

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