Bureau De Change Operators Reveals When Naira Will Begin Recovery

The Association of Bureau De Change Operators of Nigeria (ABCON) says the expected recovery is due to the introduction of Travelex, a licensed Forex dealer. The President of ABCON, Alhaji Aminu Gwadabe, said Travelex would enhance transparency in the distribution network.

Travelex, an international money transfer organisation, was officially directed by CBN to distribute Forex to Bureaux De Change operators by Monday. Gwadabe said that Forex distribution would be efficient and uniform across ABCON members, unlike what was obtainable in the past.

He said,

“Against this background, the naira is expected to be on a recovery path from Monday as the distribution of Forex to BDCs will boost liquidity in the market. The boosting of liquidity in the market will dampen the fears of investors and market speculators, thereby raising their confidence in the market.

This is a purely ABCON and Travelex arrangement, and has the capacity of removing the bottlenecks in the Forex distribution chain. Travelex has the technology to pay about 1,000 BDCs within two hours. The new arrangement also eliminates relating with bank account officers.”

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  • Kelvin Fola

    Ok good to hear these , we can’t wait to see it happening

  • Justice Elmer

    So come Monday we should be expecting beter rates against foreign currencies

  • Justice Elmer

    The CBN did well..

  • Justice Elmer

    Ok.. That’s a good development

  • david orafu

    should be done as fast as possible things are expensive

  • emekachilaka

    story story abeg make we hear world

  • kayode akinsanya

    We’re waiting ooo

  • IG: Jiafid

    I hope this is true

  • Cornel Nwankwo

    We pray this info is a true one.
    Monday is already around the corner

  • Mezzy Gilbert

    Hmmm,monday no far again

  • OK na, make we see how Monday go be

    • Cornel Nwankwo

      We can’t wait

  • Olovo Obinna

    From Monday they say….its OK then….

  • WillieBravo

    Okay o let’s hope this works because a way has to b found out to stop the downward spiral of the naira.

    • Cornel Nwankwo

      A way has to be spotted out