BDCs offer to help CBN as naira edges towards N600/$ mark

The Association of Bureau De Change Operators of Nigeria (ABCON) has offered to assist the Central Bank of Nigeria (CBN) in stopping the naira’s depreciation.

The Naira began the week at N545 per dollar at the black market, 3.1 percent depreciation from last week’s opening rate. The naira had opened last week at N528 but by the end of the week it was trading at N545 per dollar.

According to data obtained from Abokifx, the Naira closing rate on Friday last week was N5.00 or 0.93 percent lower than N540/$ it had closed last week Thursday.

Similar to dollars, Naira will also have to put up a strong fight against British Pound Sterling and Euro this week as it weakened by the end of Friday’s trading at the parallel market.

This means Naira will be opening the week against pounds sterling at N743/£1. This is N3 loss when compared to the rate of N740/£1 it closed on Thursday.

Also, the local currency against Euro will open the new trading week at N636/€1 and this represents N4 devaluation from Thursday’s rate of N632/€1.

Alhaji Aminu Gwadabe, the President of ABCON urged CBN to communicate with licensed BDC operators as soon as possible to fix the challenges that have arisen as a result of the forex suspension policy against BDCs.