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Despite ban, BDCs offer to help CBN stop Naira devaluation

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Naira depreciates to N362.30 despite CBN’s $210m forex intervention

The Association of Bureau De Change Operators of Nigeria (ABCON) has offered to assist the Central Bank of Nigeria (CBN) in stopping the Naira’s depreciation.

Alhaji Aminu Gwadabe, the President of ABCON urged CBN to communicate with licensed BDC operators as soon as possible to fix the challenges that have arisen as a result of the forex suspension policy against BDCs.

Gwadabe who spoke to journalists over the weekend also noted that CBN’s decision to stop the sale of Forex to BDCs has increased Nigerians’ economic hardships.

Recall that CBN in July ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft.

Read also: BUSINESS ROUNDUP: Airtel to lose $14m to naira devaluation; Nigeria attracts $195m healthcare investment; Other stories

Since the ban, Naira has had no peace as it has broken new unwanted records at the black market.

BDC operators are now calling on CBN to work with the association.

“ABCON, has contributed over N300 billion to the economy and employs over 40,000 people. CBN did not engage ABCON before implementing the policy while I am not exonerating my members from some of the allegations levelled against BDCs, but it is not possible to sanitise a problem with another problem.

“As it is now, $1 exchanges for over N500, which cannot be reversed in the short run. So, there is an urgent need for the CBN to go back to the drawing board, consult with the licensed BDC operators and together proffer solutions,” he said.

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