ABCON slams Forex speculators over naira crisis

The Association of Bureaux De Change Operators of Nigeria (ABCON) has blamed speculators for the sale of dollars above the exchange rate approved by the Central Bank of Nigeria (CBN) and the rising pressure on the naira against the dollar.

ABCON President Aminu Gwadabe, who faulted the speculators in Lagos, advised foreign exchange users to buy dollars from CBN-licensed Bureaux De Change (BDCs) at the approved rate and refrain from patronising forex speculators.

The naira, which exchanged at N495/$ at the parallel market remains at N410.25/$ at the official market following last week’ devaluation of the local currency by the CBN.

He said only CBN-licenced BDCs operate within regulatory guidelines and therefore should be patronised.

Gwadabe said the licenced BDCs, being regulatory-complaint and operating within international best practices, cannot sell the dollar to end-users above the N2 per dollar margin set by the CBN to protect the naira against foreign exchange speculators and ensure exchange rate stability.



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