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Forex traders under the aegis of the Association of Bureau-de-Change Operators of Nigeria, (ABCON), have said they will start what it called: ‘Operation No Street Trading’ to stop the hawking of foreign exchange by BDC operators.
This disclosure was made by the President of ABCON, Aminu Gwadabe, who said that this was part of the resolutions made unanimously by BDC directors at the meeting of the operators on Tuesday, in Lagos.
This, it said, is part of the measures aimed at bringing down the exchange rate which has been on the rise recently, especially after the adoption of the NAFEX rate as the new official rate by the CBN.
Despite the sales of forex at N393 to a dollar to BDCs by the CBN, the exchange rate has been on the rise since the adoption of the NAFEX rate as the official rate by the CBN with the dollar selling for N499 yesterday afternoon.
ABCON had in a statement on Sunday advised foreign exchange users and the general public to patronise only BDC operators licensed by the CBN in order to get dollars at the approved rate.
Gwadabe said the parallel market activities had for years become major drivers of the exchange rates, adding that control over such transactions had become burdensome.
He said forex speculators were capitalising on the state of the forex market and the naira to sell dollars above the CBN-approved margin.
The ABCON President called for the return of normalcy of the market, saying the ongoing speculative behaviour was hampering the market operations.
