Tag
ABCON
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.
BDCs accuse IMTOs of ambushing external remittances, creating dollar scarcity in the parallel market
Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced.
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 President of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe has stated that the increase in capital requirements for BDCs from N35 million to N2 billion for Tier-1 BDCs is against international best practices.
Amidst severe liquidity shortages and erratic forex supply, a senior ABCON official explained why the naira has been depreciating in recent days.
The Nigerian naira traded near its April low, while the dollar index approached a six-month high as the anticipation of a Federal Reserve meeting kept traders largely biased towards the greenback.
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/$.
The Association of Bureau De Change Operators of Nigeria (ABCON) has requested that the Central Bank of Nigeria (CBN) prevent dollar domiciliary account holders from obtaining foreign exchange through the NAFEM and NAFEX markets.
ABCON has appealed to the Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate downward below the N1,251/$ it pegged for the Bureau De Change (BDC) operators.
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.
The Association of Bureau De Change Operators of Nigeria (ABCON) has stated that the oversubscription of recent FGN securities is having a positive effect on the naira exchange rate to the USD.
There are reports that currency traders otherwise known as Bureau De Change (BDC) operators have announced the shutdown of operations in Abuja due to the unavailability of dollars.