N305/$ exchange rate has stabilised naira, says ABCON

By Collins Nweze


The Association of Bureaux De Change Operators of Nigeria (ABCON) on Sunday defended the Central Bank of Nigeria’s (CBN’s) N305 to dollar exchange rate policy.

It said the decision has helped in stabilising the naira.

ABCON President Aminu Gwadabe explained that the N305/$ exchange rate is for settling government obligations and not a transactional rate as being speculated.

He faulted the petition against the CBN Governor Godwin Emefiele and the bank’s management team on the deployment of dual exchange rate regime in forex allocation.

The Senate Committee on Finance invited Emefiele to appear before it on February 7, 2020, following a petition by Human Rights Lawyer, J.U Ayogu, accusing the apex bank of compromise in the allocation of foreign exchange.

He said: “There is a case against the CBN governor and his management team written by J.U Ayogu. The petition which is before the Senate was laid on December 12, 2019, where J. U Ayogu, Esq, on behalf of…

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