Naira Appreciation: A Victory for the People, Not Speculators – Vangawa Bolgent

The recent comments by Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), suggesting that forex speculators will resist the rapid appreciation of the naira, have sparked important discussions about the priorities of Nigeria’s forex market. Vangawa Bolgent, former media aide to Senator Ishaku Abbo and editor of The Gazette (Nigeria) News, has weighed in, criticizing the perspective that seems to favor the interests of speculators over the plight of ordinary Nigerians.

“For too long, the high cost of dollars has translated into unbearable hardship for Nigerians,” said Vangawa Bolgent. “The strength of the naira directly affects the cost of living. When the dollar surges, everything from bread to education becomes more expensive, leaving families struggling to make ends meet. This isn’t just an economic issue—it’s a human one.”

The naira’s recent appreciation, following the introduction of the Central Bank of Nigeria’s (CBN) Enhanced Foreign Exchange Market System (EFEMS), has been a significant step forward. For three consecutive days, the naira has strengthened against the dollar, bringing some relief to Nigerians. While this development is celebrated by many, ABCON’s warning about the resistance from speculators seems to miss the broader picture of how this impacts the lives of ordinary citizens.

According to Bolgent, the hardship faced by Nigerians due to the previously weakened naira cannot be overstated. “Parents struggled to pay school fees, businesses folded under the weight of inflated costs, and food prices reached unbearable levels. Every dollar increase was like a punch to the gut for millions of families. That’s the real story here—not the losses of speculators who have profited from this chaos for years.”

The cost of dollars has rippled through every sector of the economy. Import-dependent businesses faced skyrocketing costs, which were inevitably passed on to consumers. Households could no longer afford basic goods, and inflation climbed to record levels. The average Nigerian bore the brunt of this crisis while speculators thrived on market volatility.

“The naira’s appreciation is a win for the masses,” Bolgent emphasized. “It means lower prices for food, medicine, and other essentials. It provides a lifeline for small businesses that rely on affordable forex to import goods. This is not just about numbers on a chart—it’s about giving people the chance to survive and thrive.”

Gwadebe’s comments, suggesting that the naira’s rapid appreciation may not align with “CBN templates” and that speculators might resist to cover their losses, have been criticized by Bolgent as being out of touch with the reality faced by ordinary Nigerians. “This is not the time to prioritize speculators,” he argued. “These are people who have used Nigeria’s economic instability for their own gain. The CBN’s focus must remain on policies that serve the greater good, not the narrow interests of a few.”

The introduction of EFEMS by the CBN has been a game-changer, addressing long-standing issues of market opacity and inefficiency. By consolidating all FX windows into a centralized platform, the system has brought transparency and accountability to the forex market. According to Bolgent, this shift is essential for rebuilding public trust in Nigeria’s monetary policies.

“EFEMS is a breath of fresh air,” he said. “For the first time, Nigerians can see real efforts to streamline forex trading, reduce speculation, and create a level playing field. This isn’t just about stabilizing the naira—it’s about giving the people hope that their government is working for them.”

Bolgent also highlighted the broader implications of a stronger naira for the Nigerian economy. “When the naira gains value, it reduces inflationary pressure. It stabilizes import costs, making goods more affordable for consumers. It strengthens small businesses, which are the backbone of our economy. Most importantly, it restores confidence in the system.”

The recent appreciation has not come without challenges. As Gwadebe noted, there has been a significant loss for speculators who are now grappling with weak demand and huge forex supply. While this might be a source of concern for BDC operators, Bolgent believes it is a necessary step toward a more equitable forex market.

“Speculators have been holding the economy hostage for years,” Bolgent remarked. “Their losses are not something to mourn. Instead, we should focus on how to ensure this momentum continues. The CBN must remain steadfast, implementing policies that protect the naira and prioritize the wellbeing of Nigerians.”

He urged the CBN to resist any pressure to slow down its efforts to stabilize the naira. “This is a moment of opportunity,” he said. “The EFEMS platform has already shown great promise, but there’s still work to be done. The CBN must double down on its commitment to transparency, fairness, and inclusiveness.”

In conclusion, Bolgent reiterated the importance of putting people first in all monetary policies. “Every Nigerian deserves to feel the benefits of a stronger naira. This is not just about economic stability—it’s about dignity, fairness, and giving people the chance to dream of a better future. Let’s not let the voices of a few speculators drown out the cries of millions who just want to live a decent life.”

The naira’s appreciation is a victory for the people, and it must be protected at all costs. This is the time to build an economy that works for everyone, not just a privileged few.