According to Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria, the dollar is gaining against the naira because consumers who acquired it at a higher price are opposing its collapse. This was reported earlier this week in The PUNCH.
When asked about sustainability, he stated, “Speculators are always looking for elements of it.” They do not respond until they realise the injection is intermittent. They start to respond. What we are seeing is the market’s response. There is pushback, too. Those who paid full price are negatively affected by this. No one wants to absorb any more hits.
The presidency has lately announced plans to bolster the local currency, indicating its concern over the currency’s recent decline.
While speaking in place of Vice President Kashim Shettima, Dr. Tope Fasua, Special Adviser to the President on Economic Matters, said, “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the central bank is rolling out the policies and the government that I serve, led by the President, will shock some of them.”