The Association of Bureau de Change Operators of Nigeria, represented by its President Aminu Gwadabe, has cautioned currency speculators in light of the strengthening Naira against the US dollar. They highlighted the Central Bank of Nigeria's intention to take strong measures against these speculators.
Gwadabe explained that the current market dynamics and the Naira's continuous rise stem from the Central Bank's strategic use of measures like injecting more dollar liquidity while mopping up excess Naira through interest rate hikes. He emphasized the increased risk in speculating, hoarding, or substituting the Naira for other currencies.
The association observed a trend of panic selling versus panic buying and urged the Central Bank to provide further clarifications and implement their recommendations, emphasizing the importance of including BDCs in the foreign exchange market.
Gwadabe emphasized that involving BDCs would enable them to effectively serve the retail sector, aligning with the Central Bank's goal of stabilizing foreign exchange rates and ensuring market uniformity by addressing disparities. He stressed the BDCs' significance in the Central Bank's transaction monitoring mechanism and in managing clients' utilization of foreign exchange.
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