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AMINU GWADEBE
Licensed currency traders say International Money Transfer Operators (IMTOs) are no longer diverting forex proceeds, especially diaspora remittances, outside the official system.
Currency traders have attributed the recent performance of the naira and the relative stability of the foreign exchange (forex) market to the excess dollar supply and the activities of the security agencies against forex speculators and hoarders.
Bureau De Change (BDC) operators have insisted that there is an extremely large amount of foreign exchange liquidity in the system that is unaccounted for.
Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) say that the Central Bank of Nigeria’s (CBN) June 3 recapitalisation deadline for its members remains sacrosanct.
Forex market volatility: Naira becoming the most unpredictable currency in the world – BDC operators
Bureau De Change (BDC) Operators, under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON), have revealed that the naira is fast becoming the most unpredictable currency in the world.
Bureau De Change (BDC) operators have attributed the recent crash of the naira in the foreign exchange market to the huge demand for forex due to the windfall from some contractual payments and releases by some Federal Government agencies.
Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses.
Forex traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) say the permission of BDCs to purchase foreign exchange directly from authorized dealers by the Central Bank of Nigeria (CBN) is not automatic.
Currency traders have attributed the persistent weakening of the naira and the volatility of the foreign exchange market to the lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).
The Association of Bureau De Change Operators of Nigeria (ABCON) said that as of Tuesday, the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.
The Association of Bureau De Change Operators of Nigeria (ABCON) has requested that the Central Bank of Nigeria (CBN) prevent dollar domiciliary account holders from obtaining foreign exchange through the NAFEM and NAFEX markets.
The Association of Bureau De Change Operators of Nigeria (ABCON) has said that the recall of Bureau De Change operators (BDCs) into the mainstream forex market is a major factor in the current stability being experienced with the exchange rate.