The Association of Bureau de Change Operators of Nigeria (ABCON) has identified the ongoing recovery and stability of the naira on the decision of the Central Bank of Nigeria (CBN) to recall Bureau De Change (BDCs) operators into the mainstream FX market.
The association also attributed the naira‘s recovery to the recent monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion forex backlog forward commitments.
ABCON President, Dr. Aminu Gwadabe made this known in a statement on Sunday while expressing ABCON’s gratitude to the Cardoso-led CBN and other related agencies for the recognition of BDCs as the third leg of the foreign exchange market and an effective exchange rate transmission mechanism in forex management.
