President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has linked the continued fall of the Naira at the parallel market and Investors’ and Exporters’ (I&E) Forex window to currency speculators hoarding dollars to profit from the currency crisis.
Gwadabe, who disclosed in Lagos,said the perpetrators are creating artificial scarcity of the greenback within market to cause more woes for the local currency.
He hinted that ABCON management and the CBN-licensed BDCs would fight alongside the regulator to ensure that speculators lose their capital should they persist in the illegal activity.
“The ABCON and CBN have observed with disdain the speculative behaviour currently beclouding the market with the misinformation that the CBN has adopted I&E window as its official rate. The above information is not true because as operators we still funded our accounts at our normal rates of N393/$ and not the I&E window rates for our operation this Friday,” he said.
He advised its members not to join on that behaviour as CBN remained resolute with its partnership with the group and is looking at various options to induce liquidity in the sector.
He advised BDCs not to join the rumour mongers creating confusion and fragility in the market.
“ABCON will continue to keep you posted and guide you accordingly. We urge all members to continue to give the CBN the utmost support as a strategic partner and in the interest of the economy,” he said.
He said that CBN-licenced BDCs are fighting back by supporting the apex bank in tackling forex spectators and reiterating commitment to operate within set rules.
He said the “Naira for Dollar Policy” being implemented by the CBN Governor, Godwin Emefiele, would further lift market liquidity and improve naira status.
The policy would provide Nigerians in the Diaspora with cheaper and more convenient ways of sending remittances to Nigeria and increase dollar inflows into the economy,he said
Reiterating the provision a new circular on remittances, the Emefiele said the bank introduced the rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Operators (IMTOs) licensed by the apex bank in order to incentivise the process of remittance.
He emphasised that the new measure would help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.
