The Association of Bureau De Change Operators of Nigeria (ABCON) has said the implementation of the Central Bank of Nigeria (CBN)’s forex policy on the sales of interbank/EFEM proceeds to BDCs has seen the naira strengthen between N1540/$1 and N1545/$1.
This is just as the association praised its members for the effective implementation of the policy.
ABCON President, Aminu Gwadabe, said in a statement that the gradual implementation of the policy by the banks has contributed greatly to a significant appreciation of the naira as of Friday, February 14, 2025.
He urged the licensed BDC operators to keep up with their obligation of ensuring consistent liquidity in the retail end of the forex market as well as checkmate the illegal economic behaviour of these economic saboteurs.
“The gradual implementation of the sales of interbank/EFEM proceeds to BDCS by banks have ushered in a significant naira appreciation in the market today. This development underscored the effective transmission mechanism of the CBN foreign exchange policy reforms by the BDCs.
“We, therefore, congratulate the CBN, the Federal Government and the Nigerians in General as the naira is trading between N1540/$ and N1545/$ today 14th, February 2025.
“I also want our members to ensure their obligations of ensuring consistent liquidity in the retail end of the market where volatility is pervasive to continue to checkmate the illegal economic behaviour of rent-seeking, currency substitution, hoarding and unethical practices,” Gwadabe stated.
In December 2024, the CBN revised its guidelines, permitting licensed BDCs to purchase foreign exchange directly from authorised dealers as part of efforts to curb market volatility and reduce the widening gap between the official and parallel markets.
