ABCON congratulates FG, CBN over measures to strengthen Naira
…as market closed between N1540/$1 and N1545/$1 on Friday.
By Tunde Opalana
The Federal Government through the strict monetary policy of the Central Bank of Nigeria CBN, has been commended for measures put in place to stem the downward slide of the Naira against major international currencies, particularly the American Dollar.
The apex bank in February extended the deadline for BDC operators to access the Nigerian Foreign Exchange Market (NFEM) for weekly FX purchases from January 1, 2025 to May 30, 2025
The Association of Bureau De Change Operators of Nigeria (ABCON) as a critical stakeholder in the foreign exchange transactions lauded its members for the effective implementation of the CBN forex policy on the sales of interbank/EFEM proceeds.
The body expressed delight in the strengthening of the Naira which floated between N1540/$1 and N1545/$1 at the close of market on Friday.
The gradual implementation of the policy by the banks, according to ABCON, has contributed greatly to a significant appreciation of the naira as at the weekend.
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President of the Association, Aminu Gwadebe, in a statement weekend congratulated the CBN, the Federal Government and Nigerians for the recent positive performance of the Naira.
He said, ‘’The gradual implementation of the sales of interbank/EFEM proceeds to BDCS by banks have ushered in a significant naira appreciation in the market today. This development underscored the effective transmission mechanism of the CBN foreign exchange policy reforms by the BDCs.
“We therefore, congratulate the CBN, the Federal Government and the Nigerians in General as the naira is trading between N1540/$ and N1545/$ today 14th, February 2025.
‘’I also want our members to ensure their obligations of ensuring consistent liquidity in the retail end of the market where volatility is pervasive to continue to checkmate the illegal economic behavior of rent-seeking, currency substitution, hoarding and unethical practices.’’
He urged licenced Bureau de change operators to ensure consistent forex liquidity in the retail end of the market.
The Daily Times recalled that the Central Bank in December last year revised its guidelines, permitting licensed BDCs to purchase foreign exchange directly from Authorized Dealers.
The revision was part of efforts to curb market volatility and reduce the widening gap between the official and parallel markets.
As contained in the CBN circular titled “Revised Guidelines for the Nigeria Foreign Exchange Market (NFEM)”, the guideline marks a pivotal shift in the regulatory landscape for BDCs.
