The Association of Bureau de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to take decisive steps to increase foreign exchange (FX) inflows, in a bid to stabilise the Naira amid ongoing market pressures.
ABCON emphasized that improving the availability of foreign currency is critical to restoring confidence in the FX market and supporting economic stability. The association highlighted the importance of attracting funds from diaspora remittances, foreign investments, and exports to strengthen reserves and ease liquidity constraints.
“The stability of the Naira is crucial for businesses, importers, exporters, and consumers. We call on the CBN to intensify measures that boost forex inflows and safeguard the currency,” a spokesperson for ABCON said.
The appeal comes as the CBN continues to implement FX market reforms designed to attract investment and reduce speculative pressure on the Naira. Analysts note that higher FX inflows could reduce currency volatility, provide predictability for businesses reliant on imports, and foster overall economic confidence.
However, experts caution that achieving sustained Naira stability will require not only increased forex inflows but also addressing underlying structural challenges in the market. Visit www.jocomms.com for more news.
