Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), on Wednesday said that changing the face of the dollar notes would end recession in the country.
Gwadabe gave the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.
He said that the change would force currency hoarders to sell off the unbanked dollars in their possession.
The ABCON boss urged the administration of President Muhammadu Buhari to negotiate with the President-elect of the U.S., Donald Trump on the best way to achieve the change.
“President Buhari should begin talks with the president-elect of the U.S. to change the face of the dollar notes.
“Changing the face of the dollar notes will help to end recession in various countries by forcing currency hoarders to bring out the hidden dollars into the economy,” Gwadabe said.
According to him, the dollar has remained scarce in the Forex market partly due to the activities of currency speculators who manipulate the market through hoarding and round tripping.
He blamed the current spike in the exchange rate to the activities of speculators who influenced the market through their unguarded statements on the Naira.
NAN reports that speculation and currency hoarding have been described by financial experts and the CBN as “an ill wind that is doing great harm to the Nigerian economy.
Disarming these enemies of the economy has remained on the front burner in the country”. (NAN)