Expert says new FX window will restore investors’ confidence in economy

Forex

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has said that the new foreign exchange window would restore investors’ confidence in the market.

Gwadabe told newsmen in an interview on Wednesday in Lagos that the effective utilisation of the window would make the Naira stronger and well positioned, against other major currencies.

The CBN had introduced the new window for exporters and investors, to boost liquidity in the nation’s foreign exchange market.

“The new market derivatives will enhance a transparent, accountable and secured naira determination and will enable the CBN to generate huge inflows running into billions of dollars to defend the naira.

“The window will reverse completely the zero level confidence of investors to the highest level of confidence in the market.

“The window will outwit and rattle all strata of operations of the unofficial foreign exchange market,’’ Gwadabe said.

The financial expert said that investors would leverage on the new window for a robust and stable planning of foreign exchange demands for business decisions.

The association president said that parallel market operators were in for bad times as the new window would counter volumes of foreign exchange transactions in the parallel market.

“The new window will finally smoke out hoarders and speculators from their holes. This will mark the end of all frivolities in the foreign exchange market,’’ Gwadabe added.