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Bureau de Change operators kick off campaign to save Naira, despite logjam with CBN

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Thursday revealed a new campaign plan needed to save the naira from further depreciation and enhance exchange rate stability, IgbereTV reports

ABCON President, Aminu Gwadabe, unveiled the campaign in Lagos after the National Executive Council meeting of the association.

This is coming 10 months after Godwin Emefiele, Governor of the Central Bank of Nigeria announced plans for the discontinuance of foreign currencies sale to Bureaux de Change (BDC) operators.

According to Gwadabe the new strategies will save the local currency, bridge the exchange rate gaps and curb volatility in the forex market.

He added that there was an urgent need to enhance dollar liquidity in the market and ensure the stability of prices in the economy.

He said, “The naira exchanges at N596 to the dollar at the parallel market and N415.83 to dollar at the official market, creating a rate gap of N180.17 per dollar.”

“These steps, we are taking would save the local currency and economy from the impact of election spending that has kept inflation at double digits for a very long time.”

The ABCON boss also disclosed that the depreciation of the naira against global currencies was due to pressure from rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy

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