As much as many Nigerians are happy about the rise of the Naira, they are also puzzled about how fast it was achieved.
Many believed it would take the Central Bank of Nigeria (CBN) a long time to stabilise and strengthen the naira.
But you see when a person knows where he is going and how to get the rest of the journey will be easy.
For Aminu Gwadabe, the President of Bureau De Change Operators of Nigeria (ABCON), this, still feels like a dream.
I want to congratulate the management of the Central Bank. For the first time in 15 years, the open market is lower than the CBN rate.
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We have calmness now and speculation is not coming into the market which has been a major challenge to the naira.
It is obvious that what happened earlier had no economic fundamentals; it’s just a bubble and the bubble has burst.
The naira appreciation we are witnessing happened due to stringent and concerted policies, and stress test policies.
All of this started with the unification of the market, a move made by President Bola Tinubu to improve the naira exchange rate.
That policy came with a mixture of feelings and a lot of disequilibrium. However, it has finally achieved its objective of convergence, which is a single market rate.
Many do not know that this journey began in 1986 when we introduced the Structural Adjustment Programme.
So many factors have come together for the CBN policies for both the regulators and the operators.
Reacting on whether the appreciation of the naira is sustainable, Gwadabe said, “I’m sure they have a target.”
He believes that President Tinubu is out to achieve a few things, a viable economy and a naira with improved value.
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To sustain this naira appreciation we need political will, something the president has made obvious to all.
Gwadabe once congratulated the president and the leadership of the CBN on the rise of the naira.
