BDC President Urges CBN to Leverage BDC Network for Naira Stability

The President of the Association of Bureau De Change of Nigeria (ABCON), Aminu Gwadebe, has called on the Central Bank of Nigeria (CBN) to utilize the strengths and network of BDC operators to stabilize the Nigerian Naira amidst its recent volatility.

In an exclusive interview, Gwadebe emphasized the critical role that BDCs could play in addressing the forex challenges facing the nation.

He highlighted the need for the apex bank to permit BDCs to contribute effectively to the economy by allowing them to fulfill their role.

Gwadebe acknowledged the national significance of the forex challenges, attributing them to the country’s poor reserves.

However, he expressed optimism that with ongoing reforms in the supply side of forex, BDCs would be welcomed into the fold to help address the crisis.

He underscored the importance of crude oil sales, which constitute about 80 percent of Nigeria’s sources of foreign exchange, and the government’s efforts to enhance oil production and explore alternative revenue streams.

Regarding recent developments, including the naira’s decline to a record low of 1,482/$ on the official market and the CBN’s actions to ensure market transparency, Gwadebe maintained that BDCs remain a vital component in stabilizing the exchange rate.

Gwadebe’s remarks come amid concerns over the nation’s foreign reserves and the stability of the naira.

The call for leveraging the BDC network aligns with efforts to bolster the economy and address currency fluctuations.

As the dialogue between BDCs and the CBN continues, stakeholders anticipate collaborative measures to stabilize the Naira and mitigate forex challenges.