The Association of Bureau De Change Operators of Nigeria (ABCON), have suggested that a strong collaboration between the Central Bank of Nigeria (CBN) and ABCON would aid stabilise the Naira. The group has called on CBN to consider creating these ties.
Alhaji Aminu Gwadabe, President of ABCON, made the call in Lagos, whilst explaining that working together with the apex bank in the past yielded positive results. He believes that a new collaboration will strengthen the currency, and help it appreciate in the foreign exchange market, while maintaining stability. According to Gwadabe, the relevance of Bureau De Change became important, back in 2008,when Nigeria began experiencing crisis of liquidity.
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Gwadabe also noted, that n 2009. a similar crisis persisted, which led to the collaborative efforts of the CBN and BDCs, to contain the free-fall in Naira exchange rates. Gwadabe commended the CBN and its governor, Mr. Godwin Emefiele, for identifying with BDCs.
He said: “With a sincere and deep appreciation to the management of the Central Bank, especially the governor, Godwin Emefiele, for identifying to collaborate with us as this has always turned around any difficulty the naira is facing on the economy. We believe that with our takeoff on Monday, we are going to have more positivity.”
Gwadabe has charged the CBN to increase financial tracking, within the system, saying this would help to check speculations in the forex market, which is a major reason for the volatility of the Naira exchange rate.
