Achieving stable, strong and virile exchange rate in Nigeria would require full participation of Bureaux De Change in the retail segment of the foreign exchange market, President, Association of Bureau De Change Operators of Nigeria , Alhaji Aminu Gwadabe, has said.
He said the challenges confronting the nation’s forex market and depreciation of the naira require all hands to be on deck, and the BDCs, which are licensed to play at the retail end of the forex market, should be fully involved in providing lasting solution to the ongoing volatility in the exchange rate.
The local currency, last week, hit a new low trading around N1,150/ $1.0 in the parallel market and average of N860/ $1.0 in the official windows, due to persistent dollar scarcity and speculative activities of illegal forex dealers. Gwadabe said that like every other segment of the market, the illiquidity in the market remains a major concern to the BDC sector.