The ongoing rally of the naira at both official and parallel markets will continue given some strategic steps taken by the, Dr. Aminu Gwadabe, who made the disclosure at the weekend, said the apex bank is not only boosting dollar liquidity in the market, but is mopping up cash through interest rates hike to keep the naira stable.
Gwadabe said: “The development stems from the ‘double-edged sword dollar liquidity injection and the mopping up of the naira through interest rate hikes”. The ABCON boss, however, said that the speculators are usually interested on the elements of sustainability of the feat so far achieved, arguing that it is panic selling as against panic buying.
He noted: “The BDCs are necessary in the demand measures of the apex bank, transaction monitoring mechanism and clients utilisation with correcting and moderating potentials.”
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