Naira collapse
The Association of Bureau De Change Operators of Nigeria (ABCON) said on Saturday in Lagos that the resumption of sale of foreign exchange to BDCs would usher in stability in the market.
The announcement on resumption of dollar sales to the association had caused the naira to gain over N5 to a dollar at the close of today’s business as it closes to N470 to a dollar from all high off N476 to a dollar in the morning.
Alhaji Aminu Gwadabe, ABCON President, said that the BDCs were and would remain the potent monetary tool of the CBN exchange rate stability instrument.
The Central Bank has said it will resume the sale of foreign exchange to the Bureau De Change on Sept. 7.
The announcement was made through a circular entitled ‘Resumption of sales to Bureau De Change operators’, and signed by the CBN Director, Trade and Exchange Department on Thursday.
“The BDCs have always remained the potent monetary tool of the CBN exchange rate stability instrument.
“The resumption of sales to BDCs will in no doubt inject a robust liquidity to the critical retail end sector of the market and usher in stability, discourage, hoarding and speculation,” he said.
He also said that the association had embraced innovation, awareness and capacity building measures to guide members and ensure their total compliance to extant foreign exchange regulations
Gwadabe added that the association expected a strong positivity in the market with the take-off of the policy.(NAN)
