The Association of Bureau De Change Operators of Nigeria (ABCON) has said that the recall of Bureau De Change operators (BDCs) into the mainstream forex market is a major factor in the current stability being experienced with the exchange rate.
This disclosure is contained in a statement released by the ABCON President, Aminu Gwadebe, over the weekend where he lauded the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, for the decision.
Gwadebe said aside from monetary policy tightening that led to increase in exchange rate, more investment in government instruments, and the clearance of $7 billion forex backlog forward commitments, the recall of the BDCs was also a significant move by the apex bank to boost dollar liquidity at the retail end of the forex market.
The ABCON President, therefore expressed the association’s gratitude to the Cardoso-led CBN and other related agencies for the recognition of BDCs as the third leg of the foreign exchange market and an effective exchange rate transmission mechanism in forex management.
