Speculation on CBN forex rules may further depreciate the naira – ABCON

By Odunewu Segun

Operators of Bureau de Change across the country have asked the Central Bank of Nigeria for a clear roadmap for the BDC forex market as regards the new policies guiding their operation for next year.

The umbrella body of BDCs in the country, Association of Bureau de Change Operators of Nigeria (ABCON) in a statement issued recently said speculation and media reports on the direction of the CBN on Forex sales will further depress the depreciating value of the naira.

In the statement signed by its acting president, Aminu Gwadabe, ABCON said “the current CBN engagement of media war and derogatory remarks on BDCs from some of its director on TV stations will only worsen the fragile naira and not strengthen it.

“The CBN should as a matter of urgency come out with a road map of where BDCs operations is going to be in 2016, sensitise operators, train them to avoid the growing mistrust between the operators and the regulators.”

The BDC Association said it noted “with dismay how the media and the regulators blamed on BDCs as the major cause of naira volatility in the market and closing their eyes on the activities of major participants in the foreign exchange market.

“As law abiding entities and concerned Nigerians the BDCs operators have in various means and form over time till now supported and partnered with the CBN in its general price stability objectives and specifically the foreign exchange rate stability in the market. There is no gain saying the facts that the BDCs sub sector have since 2006 to date remained the most effective and efficient CBN monetary tool of foreign exchange stability.”