'Recall of BDCs has led to market stability' -- ABCON lauds CBN's FX policies

The Association of Bureau de Change Operators of Nigeria says the recall of members into the foreign exchange market has led to stability in the exchange rate.

He thanked the CBN and other relevant agencies for acknowledging the BDCs as a crucial component of the FX market and an efficient mechanism for transmitting exchange rates in FX management.“The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, and led to the emergence of exchange rate convergence,” he said.

Gwadabe said the success story is unending, with the naira trading at N1,255/$ on Saturday — which is below the N1,269.765 the BDCs are advised to sell.

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CBN’s recall of BDCs into FX market boosts Naira, says GwadabeThe Nation Newspaper CBN's recall of BDCs into FX market boosts Naira, says Gwadabe
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Naira appreciated by N660 against dollar since BDCs’ return to FX marketThe President of the Association of Bureaux de Change Operators of Nigeria, ABCON, Aminu Gwadabe, says the Naira appreciated by N660 against the US dollar since the Governor of the Central Bank of Nigeria, Olayemi Cardoso, recalled BDC operators into the Foreign Exchange Market.
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