According to Gwadabe, with the CBN's planned lifting of moratorium on dollar sales to BDCs, reopening of the airports and global ease on restriction of movement are positive indications that dollar flows to the economy will soon improve.
He said the naira was yesterday evening exchanging at N461 to dollar at the parallel market, but would be upbeat once dollar sales to BDCs commenced.
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He said: 'The return of over 5,000 BDCs to the forex market will add great strength to the naira and lead to major capital losses for forex speculators. It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost naira recovery and put the enemies of the economy to shame. We are committed to the CBN's exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.'
Gwadabe further said the return of BDCs to the forex market would help chase away speculators, curb rising inflation, boost productivity and employment and enhance price discovery market transparency and competitiveness.
Continuing, the
Gwadabe added that the CBN had created enhanced fiscal buffers with the
He said the loan, which had been disbursed, would also boost
The loan, he added, would help in containing and mitigating the economic impact of the COVID-19 pandemic and of the sharp fall in international oil prices thereby putting the naira in a better standing against other currencies.
The
© Pakistan Press International, source