The President of Association of Bureau de Change of Nigeria, Aminu Gwadabe, has declared that there is no better option for the government than to revert to the two official exchange codes in the face of the diminishing foreign reserves.
Aminu revealed this to the Guardian today. He said an outright devaluation of the naira would effect negatively on the economy.
He argued that the foreign exchange market could not be left to continue its descent stressing that the gap between the official and parallel markets had to be closed.
“It’s been very challenging for government as a result of continuous scarcity of the Dollar,” he said. “The pressure from the International Monetary Fund (IMF), the World Bank and foreign investors, who believe that the gap between black and official markets is too much, has also not mellowed.
“The price of oil continues to fall without improvement. Government has no choice than to go back to two official exchange Codes, which remains the best option. In the last two or three days, the Naira has lost N40 to a Dollar.”