• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Thursday, May 15, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home Business

ABCON Lauds CBN’s $197m Sale To Banks, Seeks Liquidity In Retail Market

Ojimaojo Abubakar by Ojimaojo Abubakar
April 8, 2025
in Business
0
CBN offers $876m to fx markets, pledges more liquidity support

CBN Gov. Yemi Cardoso

0
SHARES
0
VIEWS
FacebookTwitterWhatsappEmailTelegram

The Association of Bureau De Change Operators of Nigeria (ABCON) has lauded the Central Bank of Nigeria (CBN) for selling $197.71 million to banks.

On April 5, the CBN announced the aforementioned sale as part of its commitment to ensuring adequate liquidity and supporting orderly foreign exchange market functioning.

RelatedPosts

NNPC Resolves Dangote Refinery Dispute, Resumes Oil Drilling In Bauchi

Dangote Refinery Slashes Petrol Gantry Price To N825 Per Litre

Senate Passes 2 Tax Reform Bills

The move followed the recent negative adjustments in global stock markets, triggered by President Donald Trump’s announcement of sweeping global tariffs on all imports into the country, with Nigeria getting 14 percent.

In an interview with NAN on Monday, Aminu Gwadabe, president of ABCON, said the tariff hike would make Nigerian products more expensive and less attractive to America.

Gwadabe warned that the tariff hike would lead to reduced exports and substantial revenue losses for the nation’s economy while also causing further depreciation of the naira in the official market.

“As we speak now, the naira is weaker in the official market than in the parallel markets,” he stated.

“It is, therefore, important for the CBN to be proactive and ensure the sustainability of stability in the market.”

Gwadabe asked the CBN to inject liquidity into the interbank market and the critical retail end to meet the demand for invisible transactions and small and medium-sized enterprises.

The ABCON boss emphasised that concerted efforts are needed to diversify the nation’s foreign exchange (FX) sources, as the challenge is fundamentally about liquidity.

ALSO READ:  UNGA78: Orelope-Adefulire, EU, UN, and Others Highlight Efforts to Accelerate SDGs Progress Through INFFs

“To this end, Nigeria, being a mono-cultural economy that relies heavily on petro-dollar receipts, should embrace more partners like India, African markets, and China in the export of its single and most important commodity,” the president said.

“The CBN should enforce banks to implement the sale of their interbank proceeds to the BDCs to curtail any volatility.

“There is a need to support local production of export commodities to mitigate our reliance on oil.”

Gwadabe described the Trump administration’s trade tariff as “global tension raging like wildfire across jurisdictions”.

He commended the CBN’s consistent intervention in the FX market, addressing inflation, uncertainty, and FX volatility during a challenging period of policy reforms.

Tags: AMCONCBN
Ojimaojo Abubakar

Ojimaojo Abubakar

Abubakar Ojimaojo is a graduate of Mass Communication, political and football analyst currently work at elanzanews.ng as Editor. He pride himself as skilled wordsmith with a passion for delving into contemporary political issues on both national and international scale.

Related Posts

We Purchased Petrol from Dangote Refinery at N898 per Liter—NNPCL Insists

NNPC Resolves Dangote Refinery Dispute, Resumes Oil Drilling In Bauchi

by Ojimaojo Abubakar
May 12, 2025
0

The Nigerian National Petroleum Company Limited (NNPC Ltd) will resume crude oil drilling in the Kolmani field, located between Bauchi...

Dangote Refinery Slashes Petrol Gantry Price To N825 Per Litre

Dangote Refinery Slashes Petrol Gantry Price To N825 Per Litre

by Nathaniel Irobi
May 12, 2025
0

In a move that signals increasing competitiveness in Nigeria’s downstream oil sector, the Dangote Petroleum Refinery has announced a further...

Senate Passes 2 Tax Reform Bills

by Ojimaojo Abubakar
May 8, 2025
0

The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul...

Recommended

Gen. Gora, A Leader Vision Rooted In Progress, Development Of ZangoKataf/Jaba

Gen. Gora, A Leader Vision Rooted In Progress, Development Of ZangoKataf/Jaba

7 hours ago
Auto Draft

Zamfara: Group Criticises Gov. Dauda for Neglecting Public Concerns and Attacking Opponents

2 days ago

Popular News

  • El-Rufai: Tinubu’s Govt Most Corrupt, Worst in Nigerian History

    Middle Belt Calls for Restoring Justice in Kaduna, Reversing El-Rufai’s Divisive Policies

    0 shares
    Share 0 Tweet 0
  • Odieli Commends Minister Goronyo For Infrastructure Commitment

    0 shares
    Share 0 Tweet 0
  • ZangoKataf/Jaba 2027: Gen. Gora Receives Overwhelming Support From Jaba LGA

    0 shares
    Share 0 Tweet 0
  • New Dawn In Southern Kaduna As Professors Welcome Federal Interventions

    0 shares
    Share 0 Tweet 0
  • Northern CAN Meets NSA, Raises Alarm Over Religious Discrimination, Insecurity

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (701)
  • Education (209)
  • Entertainment (305)
  • Health (183)
  • National (2,008)
  • News (7,580)
  • Opinion (279)
  • Politics (1,541)
  • Science (15)
  • Security (402)
  • Sports (409)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform