$43m Discovery: Enemies of Naira Being Exposed, Says ABCON

• $43m Discovery: Enemies of Naira Being Exposed

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said that the discovery of huge sums of money in Lagos has vindicated its members.

Gwadabe said on Friday that ABCON was saddened by the development, but added that the real enemies of the Naira were gradually being exposed.

The Economic and Financial Crimes Commission had on Wednesday discovered about $43m, N23m and £27,000 from a building at Ikoyi, Lagos.

According to him, every well meaning Nigerian has seen that the issue of depreciation of the naira was beyond the BDCs.

“Only God knows the quantum of money that is outside the banking sector,’’ he said.

He said that it was unacceptable for an individual or group of individuals to store such volume of money at home.

Gwadebe said hoarding and currency speculation was no longer profitable, urging members of the public to desist from such acts in the overall interest of the economy.

Gwadabe urged the Central Bank of Nigeria to critically look into developments in the banks, where the unutilised foreign exchange was returned to it in spite of long queues of persons waiting to buy them.

“I hear that $100m was given to the banks recently and only $45m was used.

“The CBN should look into the position of the banks and see how the unused foreign exchange can be earmarked for the BDCs,’’ he said.

He expressed optimism that with the spate of investigations and discoveries by security agents, the Naira was on its way to recovering.