Rising inflation, interest rate hike compounds naira volatility – Gwadabe

June 26, 2022 Blueprint 0

President, Association of Bureaux De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe has said that despite foreign exchange intervention by the Central Bank of Nigeria (CBN), Naira volatility is being compounded by rising inflation, interest rate hike and slow economic growth with consequences for middle- and low-income earners. Speaking in Lagos over the weekend, Gwadabe said the unfolding scenarios Read More

ABCON proffers solution to naira exchange rate instability

May 17, 2022 Segun Odunewu, Lagos 0

With the Naira depreciating against US dollar to close at N419/$ at the official market and N595/$ at the parallel market, the Association of Bureaux De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to establish BDCs’ autonomous foreign exchange trading window (BAFEX) to stabilize the market. Speaking at the meeting, Aminu Gwadabe, ABCON president, Read More

ABCON unveils roadmap on ‘save the naira’ campaign

May 12, 2022 Amaka Ifeakandu, Lagos 0

The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap campaign plan needed to save the naira from further decline and enhance exchange rate stability. The ABCON National Executive Council said the move to save the naira was agreed by the body at the conclusion of its meeting in Lagos, where it unveiled strategies for save Read More

ABCON wants CBN to de-risk BDCs to access forex from autonomous window

January 4, 2022 Amaka Ifeakandu 0

The Association of Bureaux De Change Operators of Nigeria (ABCON), an umbrella body for over 5,3000 Bureaux De Change (BDCs) licenced by Central Bank of Nigeria (CBN), has advised the apex bank to de-risk BDCs operations to allow operators access foreign exchange (forex) from autonomous market in 2022. In a statement released at the weekend, ABCON President, Alhaji (Dr) Aminu Read More