FX crisis: BDC operators reveal plan to defend Naira against Dollar

Aminu Gwadabe, the president of the Association of Bureau De Change Operators of Nigeria, or ABCON, has stated that the BDCs and the Central Bank of Nigeria, or CBN, are collaborating to prevent speculators from attacking the Naira in light of the dollar’s recent increase on the foreign currency market. 

NAN reports that Gwadabe made this statement during an interview on Wednesday in Abuja. 

As a self-regulatory organization, ABCON, in his opinion, has the means to monitor the excesses of BDC operators. 

“We have inaugurated state chapters whereby we can have a data repository of participants in the forex market.

“This is for the Financial Action Task Force (FATF) to understand this market, to know the participants, and to give them a simple registration,’’ he said. 

According to Gwadebe, the foreign exchange market required some form of centralization, harmonization, and KYC to identify all parties involved in the trade. 

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