Forex Market: ABCON Claims Naira Gained ₦660 Since BDCs' Return

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision of the Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream FX market as a major factor in ongoing exchange rate stability. In a statement, ABCON President, Dr. Aminu Gwadabe, said aside monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion forex backlog forward commitments, the recall of the BDCs has significantly boost dollar liquidity at the retail end of the forex market. Gwadabe said the success story is unending as naira trades at N1,255/$ on Saturday, even lower than N1,269.765 rates BDCs were advised to sell.

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