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Naira Soars as BDCs Return to Forex Market, ABCON Lauds CBN

Boom RadioNG | April 2, 2024
Association of Bureau De Change Operators of Nigeria (ABCON), President Aminu Gwadabe

The Association of Bureaux De Change Operators (ABCON) credits the Central Bank of Nigeria’s (CBN) decision to reintegrate BDCs into the forex market for the recent surge in the Naira’s value.

ABCON President, Dr. Aminu Gwadabe, highlights several positive impacts:

  • Naira appreciation by N660 (from N1,915/$ to N1,255/$)
  • Reduced prices for goods and services (e.g., school fees, medical tourism, airfare)
  • Increased foreign investment
Association of Bureau De Change Operators of Nigeria (ABCON), President Aminu Gwadabe

Association of Bureau De Change Operators of Nigeria (ABCON), President Aminu Gwadabe

Gwadabe emphasizes the collaboration between BDCs, CBN, and other agencies in achieving this success. He calls for continued cooperation to maintain stability. The success story continues as the naira trades at N1,255/$, lower than the advised BDC rates, representing a significant N660 gain for the naira. This stability is expected to attract more foreign portfolio inflows to the economy and has led to a rapid recovery of the naira against the dollar.

Written by Boom RadioNG

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