Friday, 18 September 2020

B Business

NIGERIA STOCK EXCHANGE: Negative Trends in Stock Market Raise Concerns over Naira Stability

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Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria says negative trends in the Nigerian stock market are posing threats to Naira stability.

 

The ABCON Chief said that the build up to the 2019 campaign and politicking was also an albatross to naira’s continuous sovereignty. He decried inaction of regulators and policy makers on multiple exchange rates, adding that it would continue to endanger the achieved stability in the foreign exchange market.

The financial expert said that ineffective link between different sectors and the formal and informal sectors also posed a challenge. Gwadabe said stakeholders’ engagement to attract other sources of foreign inflows like Diaspora remittances, Foreign Direct Investments and competitive export base was critical.

Gwadabe faulted the continuous mopping up of the naira, adding that it may not be effective in the long run as campaign spending would begin in earnest.

 

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