If you are hoarding your dollar and waiting for a higher amount, ABCON has a plan for you.
Indeed, the Association of Bureau de Change Operators (ABCON) is taking the lead in trying to stabiles the Naira. It has issued a stern warning to all Bureau De Change (BDC) operators in Nigeria.
Indeed, ABCON has seen the need to address the foreign exchange problem confronting Nigeria, before it gets out of hand.
The association says this is a way to show support towards government’s efforts at stabilising the naira and improving the economy.
The scarcity of foreign exchange (forex), in Nigeria, is forcing business owners and intending travelers to the parallel market.
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This is because accessing FX, has become a herculean task for Nigerians, a situation that is affecting the value of the local currency.
Addressing the situation, the Association of Bureau de Change Operators (ABCON) is planning to sanitise the parallel market.
ABCON, is hopeful that the Naira could rebound from ₦1,200 to ₦900 or ₦950 in the days ahead.
Don’t Buy Above ₦900
The association, therefore, directed its members across Nigeria to stop buying dollars for more than ₦900 at the black market.
ABCON president, Aminu Gwadabe, confirmed the directives, showing that the association would comply with the CBN allowable limit of -2.5% to +2.5%
“As usual, we believe that making the Naira stable requires the CBN to make our sector commercially viable by opening up other sources for our members to ensure business continuity.
“ABCON and its members are Nigerians and will embrace any CBN policy aimed at ensuring Naira stability and including BDCs as a third pillar for moderating and regulating the parallel market.
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“The CBN has issued us directives that we should only transact our business at their referenced anchor rates and advise our members to do the necessary,” he added.
“All hands are however, on deck to ensure the pegging of the naira at ₦900”
