BDC operators offer to help as Naira sells for N615/1$

The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said on Tuesday his members would help the Central Bank of Nigeria (CBN) to control the movement of the foreign exchange rates.

Gwadabe, who stated this in a statement on his Facebook page, said the partnership between the CBN and BDC operators would stabilize the Naira.

In the black market, the newspaper’s Naira Watch revealed that Nigeria’s currency exchanged at N615/$1, indicating that it was getting weaker.

The ABCON President said CBN has more to gain working with the BDC operators than criminalising the group.

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Gwadabe’s statement comes about one year after the apex bank halted the sales of forex to ABCON for allegedly aiding money laundering and other illicit financial flows.

He said: “The hasty generalisation that criminalises the BDC sub-sector as responsible for all market crisis and infractions like selling dollars with higher premium above regulatory limit, promoting the loss of confidence in the near, and multiplicity of the exchange rates, is not in the best interest of the market and economy.

“It is in view of this disturbing situation and the need to strengthen BDCs value chain as obtainable in organised climes that we urge the regulators and policymakers to consider BDCs as the most potent tool in liberalising the foreign exchange market and stopping multiple exchange rates in the system.”