The Bureaux De Change (BDC) operators licensed by the Central Bank of Nigeria (CBN) have declared operational war against foreign exchange (forex) speculators and black market dealers over alleged market distortions.
Speaking during a virtual meeting with members of the Association of Bureaux De Change Operators of Nigeria (ABCON) across all the six geo-political zones in Nigeria, ABCON President, Alhaji (Dr) Aminu Gwadabe, said the BDCs will not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.
The ABCON boss, who spoke on the theme: “ABCON Sensitisation Against Volatility in the Exchange Rate”, attended by over 5,000 BDCs, said the sensitization programme will upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
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Published 12 March 2021
The Central Bank of Nigeria’s licenced Bureaux De Change operators have said they are taking steps against foreign exchange speculators and black market dealers who are distorting the naira exchange rate against the dollar and other global currencies.
Speaking during a virtual meeting with members of the Association of Bureaux De Change Operators of Nigeria across all the six geo-political zones in Nigeria, the President, ABCON, Alhaji Aminu Gwadabe, said the BDCs would not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.
The ABCON boss who spoke on the theme, “ABCON sensitisation against volatility in the exchange rate,” said licensed BDCs would continue to defend the naira through regulatory compliance and constantly support the CBN to achieve stable exchange rate and attract forex into the economy.
Wednesday, 31th March 2021, the exchange rate between the naira and the US Dollar closed at N408.67/$1 at the Investors and Exporters window.
The naira appreciated against the US Dollar on Wednesday, 31st March 2021 gaining for the fifth consecutive day at the NAFEX window to close at N408.67 to a dollar despite a 26.2% drop in dollar supply.
This represents a 0.08% gain, when compared to N409/$1 recorded on Tuesday, 30th March 2021.
However, the naira remained stable at the parallel market, closing at N486/$1, the same rate recorded on the previous trading day.
Trading at the official NAFEX window
The naira appreciated against the US Dollar at the Investors and Exporters window on Wednesday to close at N408.67/$1. This represents a 33 kobo gain when compared to N409/$1 recorded on Tuesday, 30th March 2021.
Friday, 25th March 2021, the exchange rate between the naira and the US Dollar closed at N409.75/$1 at the Investors and Exporters window.
Naira depreciated against the US Dollar on Thursday, 25th March 2021 after witnessing two consecutive gains at the NAFEX window to close at N409.75 to a dollar.
This represents a 0.24% decline, when compared to N408.75/$1 recorded on Wednesday, 24th March 2021.
However, in the parallel market, the naira remained relatively stable, as it closed at N486/$1, which is the same as recorded in the previous trading session.
Forex turnover on the other hand jumped by 394.4% from $34.76 million recorded on the previous day to $171.85 million as oil price continues its bearish trend.