Home Banking & Finance BDC operators seek retail involvement in forex market to stabilise exchange rate

BDC operators seek retail involvement in forex market to stabilise exchange rate

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The President of the Association of Bureau De Change Operators of Nigeria, Dr Aminu Gwadabe has said the full engagement of Bureaux De Change operators in the retail part of the forex exchange market will stabilise the exchange rate in Nigeria.

The president said this in a statement that the current leadership at the Central Bank of Nigeria is capable of achieving a strong and stable exchange rate and build a highly liquid forex market that supports the domestic economy.

Gwadabe stated that the naira’s continual depreciation in both official and parallel markets harms BDCs and the home economy, and must be reversed to strengthen the local currency for maximum economic impact.

The statement further said that the naira crossed N1,100 to the dollar on Tuesday due to continuous dollar scarcity and speculative operations of illegal currency dealers.

He said aside from illiquidity in the market, the ABCON is not happy with the unlicensed forex dealers who were at the centre of speculative activities, and attracting a negative image to the sub-sector.

He said ABCON could only continue to educate the public against patronising the illegal forex dealers because the suspension of the Self-Regulatory Organisation status of ABCON made it difficult for the group to directly sanction the illegal operators.

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