Currency traders under the guide of the Association of Bureau De Change Operators of Nigeria (ABCON) have contributed some measures aimed at curbing the continued depreciation of the naira.
This is in line with the current crisis in the foreign exchange market which is characterised by dollar shortages, speculative trading, hoarding and other illegal activities by currency traders.
These measures were contained in the ABCON Quarterly Economic Review for the 3rd quarter of the year (Q3’21), and seen by Nairametrics.
ABCON noted that recent developments in the foreign exchange market have proved that the suspension of dollar sales to BDCs is not the solution to the continued depreciation of the naira in the parallel market. It added that the continued depreciation of the naira has also proved that BDCs are indispensable in Nigeria’s context of foreign exchange market
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