No More N1K/$: ABCON Foresees Stronger Naira Performance in 2024
In a recent statement, the Association of Bureaux De Change Operators of Nigeria (ABCON) expressed optimism about the Nigerian Naira's performance in 2024, anticipating a stronger position against major currencies. The association believes that several factors will contribute to this positive outlook.
Firstly, ABCON points to the efforts made by the Central Bank of Nigeria (CBN) in implementing policies aimed at stabilizing the foreign exchange market. The CBN has consistently worked towards ensuring liquidity, managing inflation, and promoting a favorable environment for foreign investors. These measures are expected to have a positive impact on the Naira's value.
Additionally, the association highlights the country's improving economic indicators, citing a more stable macroeconomic environment and increased foreign exchange reserves. A robust economic landscape often translates into a stronger currency, and ABCON believes that Nigeria's economic fundamentals will play a pivotal role in supporting the Naira.
ABCON also underscores the importance of maintaining a transparent and efficient foreign exchange market. By reducing speculative activities and promoting a fair and open market, the association believes that the Naira will experience increased stability, ultimately leading to a stronger performance.
Furthermore, the association acknowledges the global economic recovery and the potential positive impact on oil prices, a critical factor for Nigeria as a major oil exporter. Improved oil prices contribute to higher foreign exchange earnings for the country, bolstering the Naira's strength.
While expressing optimism, ABCON urges continuous collaboration between the public and private sectors to sustain the positive momentum. They emphasize the need for a concerted effort to implement policies that support the stability and growth of the Nigerian economy.
In conclusion, the Association of Bureaux De Change Operators of Nigeria anticipates a stronger performance of the Naira in 2024, driven by the CBN's policies, improving economic indicators, a transparent foreign exchange market, and the potential for favorable global economic conditions. The association's positive outlook reflects a collective belief in the resilience and potential of the Nigerian currency in the coming year.