Following plans by the Central Bank of Nigeria to resume selling of Foreign Exchange to Bureau De Change operators, Association of Bureau De Change Operators of Nigeria has restated its members’ commitment to comply with the new exchange rate.
President of ABCON, Aminu Gwadabe, assured the public that with CBN resuming sales of Forex to his members, the naira would bounce back with great loss to speculators in the market.
He also restated his members’ commitment to the new directive, exuding confidence that the BDC operators would do all within their power to keep the naira stable within set rules.
Gwadabe said, “The CBN’s planned lifting of moratorium on dollar sales to BDCs, reopening of the airports for air travels as well as global ease on restriction of movement are positive indications that dollar flows to the economy will soon improve.
“The naira has been exchanging at N461 to a dollar at the parallel market, but will be upbeat once dollar sales to BDCs commence. The return of over 5,000 BDCs to the Forex market will add great strength to the naira and lead to major capital losses for Forex speculators. It happened in 2016 and it will happen again in 2020. The return of BDCs will put the enemies of the economy to shame. We are committed to the CBN’s exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.”
The ABCON leader, who had earlier assured Nigerians that the Forex middlemen had “enough dollar supply to meet demand” for eligible transactions at the apex bank’s exchange rate, added, “Any BDC found selling dollars above the official exchange rate of N380 or violating any regulatory requirement will be severely sanctioned and risks the revocation of its operating licence.”
He also provided a feedback mail: firstname.lastname@example.org for the public to report any defaulting BDC operator selling above the CBN exchange rate.
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