FX crisis: BDC operators reveal plan to defend Naira against Dollar

The President of the Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe, has said the BDCs are working with the Central Bank of Nigeria, CBN, to ward off an attack on the Naira by speculators amid the recent rise in the dollar at the foreign exchange market.

According to NAN, Gwadabe said this in an interview on Wednesday in Abuja.

According to him, ABCON, as a self-regulatory body, has platforms to check the excesses of BDC operators.

“We have inaugurated state chapters whereby we can have a data repository of participants in the forex market.

“This is for the Financial Action Task Force (FATF) to understand this market, to know the participants, and to give them a simple registration,’’ he said.

Gwadebe said that the foreign exchange market needed a kind of harmonisation, centralisation and KYC to know all participants in the business.