Bureau de Change operators in the country are set to begin operations after stopping forex sales to protect members from getting coronavirus.
Operators had announced on March 26 that the Central Bank of Nigeria (CBN) has done so accepted his request for a two-week break to as part of measures to limit the spread of coronavirus.
This was before President Muhammadu Buhari imposed a total closure on Lagos, Ogun and Abuja.
In a statement on Wednesday, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), said the CBN’s plan to lift the moratorium on dollar sales to BDCs, reopening airports, global ease of movement restriction are positive indications that the influx of forex is improving soon.
Gwadabe also warned members and currency speculators against putting pressure on the naira, saying involved parties would lose their money.
“The return of over 5,000 BDCs to the forex market will add great strength to the naira and lead to large capital losses for forex speculators,” he said.
“It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost the naira recovery and shame the economy enemies.
“We are committed to the CBN’s exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.”
He added that the International Monetary Fund’s (IMF) loans would help mitigate the economic impact of the COVID-19 pandemic and the fall in international oil prices, thus making the naira better relative to other currencies.
Naira traded at N461 / $ on Wednesday.
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