ABCON Warns Against Meddling as Naira Gains

naira to dollar

The Association of Bureau de Change Operators of Nigeria has issued a stern admonition to currency speculators amidst the Naira’s resurgence against the US Dollar in the foreign exchange market.

Aminu Gwadabe, the President of ABCON, recently made a statement in response to the Naira’s gains in the forex market, warning that the Central Bank of Nigeria is poised to penalize any individuals undermining the nation’s economic stability within this sector.

He emphasized that BDC operators are prepared to collaborate closely with the CBN to sustain the recent improvements in the country’s currency.

“The current market dynamics and the persistent resurgence of the Naira are direct results of the Central Bank of Nigeria’s dual strategy, involving the injection of additional dollar liquidity and the meticulous control of the Naira through interest rate adjustments.

“This is a positive development, but it now carries a considerable risk to those who engage in speculation, hoarding, or substituting the Naira with other currencies.

“As we closely monitor these developments, it’s essential to exercise caution when it comes to undermining the Naira, given the clear indication that the CBN possesses the necessary tools and strategies to continue this successful trajectory,” ABCON’s President underscored.

It’s worth noting that the Naira had maintained its upward momentum against the Dollar last week, trading at N880/$1 in the Binance P2P market.