The Association of Bureau De Change Operators of Nigeria (ABCON) has dvocated for the full participation of Bureaux De Change operators in the retail segment of the forex exchange market.
This, according to the association, has the potential to enable the country achieve a stable, strong and virile exchange rate.
In a statement, ABCON President, Aminu Gwadabe, said under the current leadership of the Central Bank of Nigeria (CBN), the country has all it takes to achieve a strong and stable exchange rate and build a highly liquid forex market that supports the domestic economy.
He said the BDCs will need to be fully involved in providing lasting solutions to the ongoing volatility in the exchange rate, pointing out that the continuous depreciation of the naira in both official and parallel markets did not benefit the BDCs and the domestic economy.
Gwadabe reiterated the need for steps to be taken to reverse the trend and strengthen the local currency for maximum impact on the economy.
The naira on Tuesday crossed N1,100 to the dollar mark at the parallel market, even as it continued to weaken considerably at the official market due to persistent dollar scarcity and speculative activities of illegal forex dealers, the statement said.
He said the several measures by the apex bank to bridge exchange rate gaps showed genuine intentions of the regulator to entrench exchange rate stability, but getting the BDCs involved in the solution recipe would bring the desired results of not only a highly liquid market but stable rates.
Gwadabe further noted that like every other segment of the market, the illiquidity in the market remained a major concern to the BDC sector.
