The Association of Bureau of Change Operators of Nigeria said on Saturday in Lagos that the resumption of currency sales to BDCs will usher in market stability.
Alhaji Aminu Gwadabe, ABCON President, told the News Agency in Nigeria that the BDC was and will remain the potential monetary tool in the Central Bank of Nigeria’s exchange rate stability instrument.
CBN has said it will resume foreign currency sales to the Bureau De Change on September 7.
The announcement was made through a circular entitled, “Resumption of Sales to Bureau De Change Operators,” and signed by CBN’s Director, Department of Trade and Exchange Thursday.
Gwadabe said: “The BDCs have always been the potential monetary tool for the CBN’s exchange rate stability instrument.
“Resumption of sales to BDCs will undoubtedly inject robust liquidity to the market’s critical end sector and initiate stability, deterrence, hoarding and speculation.”
He also said the association had embraced innovation, awareness and capacity building to guide members and ensure their overall compliance with existing currency rules.
He said the announcement of the resumption of dollar sales to the association had caused the naira to win over N5 to a dollar at the close of the day’s business.
It closed at the N470 for a dollar from the entire N476 to a dollar in the morning.
Gwadabe added that the association expected a strong positivity in the market with the start of the policy.