The Association of Bureaux De Change Operators of Nigeria (ABCON) has said that any plan for devaluation of the nation’s currency in the year 2020 would not be good for the economy.
The President ABCON, Alhaji (Dr) Aminu Gwadabe who disclosed this to financial journalist in Lagos at the sensitisation meeting with Chief Executive officers/ Directors of Bureaux De Change said
the Afrinvest recent prediction that the naira would be devalued by 20 per cent in this current year is not do good to the entire system.
He said BDCs do not think of devaluation of the naira but interested in the unification of the various exchange rates.
Speaking further he said “For us, we don’t think of any devaluation, unification of the various exchange rate is germain but any discussion on devaluation as at critical level of the economy should be completely discouraged, the Bureau De Change are there and we would ensure we give our co-operation to the CBN and the government in general so as to checkmate any volatility and spike in the foreign exchange market.”
“Devaluation will not do any good, more especially we can see of course there is border regulation which have improve a lot of activity in the economy, yet we are struggling with electricity in terms of its availability and also Nigeria still remain an import dependent country, a lot of children, our schools infrastructures are not there . So anything to devalue the naira further than N360 to a dollar will bring problem, because as far as BDC is concerned the rate of a naira to a dollar is N360, all those who are saying N305, N306 to a dollar, for us is not a transaction rate , these are rate for government obligations, it is not for everybody and think of how many percentage of Nigerians that get exchange rate at N306 to a dollar, so unification of rate is for everybody in the market to be buying at the rate of N360 per dollar”
