President of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, on Tuesday said that BDCs were critical drivers of the CBN’s intervention at the Forex market.

Gwadabe told newsmen in Lagos that a boost in liquidity at the BDC window, just like that at the interbank market, would drastically reduce the spike in the exchange rate at the parallel market.

The ABCON chief said that in spite of the flooding of the interbank market with over 1.4 billion dollars by the CBN, a significant change on the exchange rate had not been felt because of the enemies of the Naira.

According to him, internal and external enemies of the Nigerian currency are hell bent on seeing that the Naira continues to depreciate against the dollar.

The financial expert explained that ABCON had reached an advanced discussion with the CBN to ensure an increase in the volume of dollars sold to its members nationwide.

He said that BDCs closeness to the business community and their spread nationwide would hasten the sale of Forex to genuine seekers.

“I wish to say that ABCON has reached an advance discussion with the CBN to increase the volume of Forex sales from 8,000 to 15,000 dollars weekly.

“BDCs are closer to the business community and are easily accessible to Forex buyers nationwide,’’ Gwadabe said.
Recall that since the CBN intervened at the interbank market with the injection of over 1.4 biliion dollars, the Naira had fluctuated between weeks of appreciation and days of depreciation.

However, the Nigerian currency has continued to appreciate since the beginning of the week, exchanging at N457 to a dollar on Tuesday, while the Pound Sterling and the Euro closed at N547 and N480, respectively.


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