By Babajide Komolafe
Foreign exchange speculators may lose over N100 billion in the next one month as the Central Bank of Nigeria (CBN) sustains massive funding for Bureaux De Change (BDC) operators.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Dr. Aminu Gwadabe, made this assertion last Friday in Lagos, saying the CBN is committed to improving funding for over 5,000 BDCs nationwide in a new move to deepen market liquidity and protect the naira against speculators.
He called for return of normalcy to the market as the ongoing speculative behaviour hampering the market operations and stability will come at huge loss to speculators.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has charged BDC operators to increase efforts to ensure sound corporate governance practices and improved customer service in their operations.
ABCON President, Dr. Aminu Gwadabe gave this charge in Lagos on Monday, at the opening session of 2021 Annual ABCON Nationwide Training on BDC Operations.
Gwadabe stated that the training was organised in partnership with the Central Bank of Nigeria (CBN), the Nigeria Financial Intelligence Unit (NFIU) with the aim of improving professionalism and higher compliance level in the BDC sub sector as well as enhanced service delivery to forex end users.
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Published 24 May 2021
THE House of Representatives has invited ministries, departments and agencies of the Federal Government as well as top officials, the private sector and civil society organisations to explain the status of looted funds and public assets recovered in the last 18 years.
The Ad Hoc Committee on Assessment and Status of All Recovered Loot, Movable and Immovable Assets from 2002 to 2020 by Agencies of Federal Government of Nigeria for Effective/Efficient Management and Utilisation is to hold an investigative hearing on Monday.
Chairman of the committee, Mr Adejoro Adeogun, had last week laid an interim report by the committee.
The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr Aminu Gwadabe
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Mon May 24 2021
Foreign exchange (forex) speculators will lose over N100 billion in the next one month as the Central Bank of Nigeria (CBN) sustains massive funding for Bureaux De Change (BDC) operators.
The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr Aminu Gwadabe, who disclosed this at the weekend in Lagos, said the CBN was committed to improving funding for over 5,000 BDCs nationwide in a new move to deepen market liquidity and protect the naira against speculators.
Dr Gwadabe, therefore, called for the return of normalcy to the market as the ongoing speculative behaviour hampering the market operations and stability would come at a huge loss to speculators.
Obinna Chima
The Association of Bureau De Change Operators of Nigeria (ABCON) has attributed the pressure facing the naira at the parallel market as well as the Investors’ and Exporters’ (I&E) forex window to currency speculators hoarding the United States dollars.
President of ABCON, in a statement at the weekend, however assured currency users of the continued supply of the greenback by the Central Bank of Nigeria (CBN), just as he warned speculators to desist from the act.
He said the CBN was committed to improving funding for over 5,000 BDCs nationwide in new move to deepen market liquidity and protect the naira against speculators.