Bureau De Change Operators Tasks Nigerians On Patrotism

  • Bureau De Change Operators Tasks Nigerians On Patrotism

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), on Friday urged Nigerians to be patriotic in the face of the nation’s economic reality.

Gwadabe told the News Agency of Nigeria (NAN) in Lagos that patriotism was required to sustain the gains recorded by the naira across all segments of the forex market.

According to him, the Central bank of Nigeria (CBN), Travelex, BDCs and some Deposit Money Banks (DMBs) have been making frantic efforts to ensure that the naira recovered fully.

The ABCON chief noted that the apex bank opted for the leveraging of the proceeds of Diaspora remittances to reduce the pressure on the nation’s external reserve.

He explained that after sustaining gains against the dollar for four weeks running, the “enemies of the naira worked day and night to ensure a distraction in the naira’s progressive trajectory.

“The present economic reality demands greater patriotism from every Nigerian in order to win the war against the enemies of the naira.

“We should put the interest of the nation at heart to ensure that the activities of speculators and currency hoarders were frustrated,’’ Gwadabe said.

The ABCON boss said that the weakening of the naira on Wednesday against the dollar was unfortunate, adding that stakeholders in the Forex market were working hard to ensure it did not continue.

Gwadabe said that to ensure equitable sale of forex in all the major cities of the country, Travelex and the First Bank of Nigeria PLC had been directed by the apex bank to commence the sale of forex in the north.

He said that getting centres for biometric registration was a challenge that would be resolved sooner than later.

He urged currency speculators and hoarders to key into the present administration’s change agenda in ensuring that the war against the naira was fought and won collectively.

NAN reports that since the CBN directed Travelex and FBN to sell the proceeds of Diaspora remittances to BDCs, the naira had been appreciating in all the segments of the forex market.

To ensure that BDCs outside Lagos benefited from the sale of forex, ABCON appealed to the CBN to extend the sale to Abuja, Kano and other parts of the country.

The apex bank heeded the call and the sale of forex to BDCs in Abuja, Kano and Port Harcourt began on Tuesday, with each BDC getting 20,000 dollars from the sale by FBN.

Biometric registration of BDCs in the areas was expected to be ongoing to enable Travelex commence the sale of forex in the north.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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