In an exclusive interview with DAILY POST’s Correspondent, Ariemu Ogaga, Dr.

Assessment of Naira Depreciation:

Dr. Gwadabe expresses concern over the recent downward trend in the Naira's value, attributing it to various factors including speculative trading activities and demand pressures. He highlights the impact of online trading platforms on exacerbating the situation.

Role of Bureaux De Change (BDCs) in Achieving Stability:

The interview underscores the pivotal role of BDCs in the foreign exchange market and their collaboration with the Central Bank of Nigeria (CBN) to achieve exchange rate unification and Naira appreciation. Dr. Gwadabe emphasizes the importance of BDCs in addressing liquidity challenges and meeting retail market demands.

Addressing Currency Speculation:

Dr. Gwadabe refutes the notion that BDCs are solely responsible for Naira depreciation, stressing the need to combat speculation and illegal trading activities. He advocates for regulatory measures and collaborations to promote transparency and deter currency substitution.

Plans for Harmonizing the FX Market:

ABCON unveils plans to digitize and centralize the retail FX market, aiming to enhance transparency, market intelligence, and regulatory compliance. Dr. Gwadabe outlines initiatives to streamline trading platforms and improve data management for effective market supervision.

Assessment of the CBN Governor's Impact:

Dr. Gwadabe commends the leadership of the CBN Governor, Olayemi Cardoso, for his professionalism and stakeholder engagement. He acknowledges the CBN's efforts in instituting market reforms and calls for continued agility and decisive actions to address market challenges.

Short-term and Long-term Solutions for FX Stability:

In the short term, Dr. Gwadabe advocates for fiscal and monetary coordination to address volatility and incentivize diaspora remittances. He emphasizes the importance of diversifying foreign earnings and empowering youth for long-term economic sustainability.

Final Words:

Dr. Gwadabe urges Nigerians to uphold the sovereignty of the Naira and avoid speculative activities. He encourages caution amidst market dynamics and calls for collective efforts to strengthen the nation's currency.

By providing insights into the complexities of the FX market and proposing strategic solutions, Dr. Aminu Gwadabe offers valuable perspectives for navigating Nigeria's currency challenges and promoting financial stability.