ABCON President Aminu Gwadebe, in an exclusive interview with Nairametrics, lamented the inconsistent trajectory of the naira, attributing its instability to factors such as:
“The is facing serious challenges, with liquidity shortages and excessive volatility. The naira, unfortunately, is suffering an inconsistent journey, bedeviled by all kinds of wars—trade war, rate war, and speculative attack—making it the most unpredictable currency in the world,” Gwadebe stated.
Gwadebe outlined key challenges affecting Nigeria’s foreign exchange market, including:
To stabilize the forex market, ABCON proposed several measures, including:
Gwadebe also noted that banks have imposed restrictions on international transactions due to forex shortages, limiting withdrawals and transfers abroad.
As the naira continues to experience turbulence, ABCON urges market participants to stay informed, engage with stakeholders, and adopt effective risk management strategies to navigate the crisis.
