BDCs instrumental to stable exchange rate – Expert

 Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said BDCs played a key role in ensuring a stable exchange rate management in the country.
Gwadabe told the News Agency of Nigeria (NAN) on Monday in Lagos that ABCON had also partnered the Central Bank of Nigeria (CBN) to defend the Naira against the onslaught of currency speculators.
According to him, the depreciation of the naira during the period of recession to N520 to the dollar was tamed through the collaboration of BDCs nationwide.
He noted that ABCON had embarked on training and retraining of its members in ensuring that sharp practices in the handling of foreign exchange were completely eliminated.
The ABCON chief said the naira remained relatively stable in the last three years due largely to the aggressive interventions of the CBN in the market and the commitment of BDCs to transparency.
The expert explained that the recent turbulence in the financial market was calmed through the collaboration of over 4,000 BDCs through the special intervention of the CBN.
NAN reports that political activities forced the naira to crash at the parallel market on Dec 3, closing at N470 to the dollar.
”The naira, which traded at N470 to the dollar before the commencement of the special intervention by the CBN, gained N8 to exchange at N362 to the dollar at the take-off of the CBN intervention on December 6.
”4,000 BDCs nationwide accessed the special intervention window that day leading to the appreciation of the naira across board,” Gwadabe said.
He commended the apex bank in ensuring that the naira remained stable.