ABCON Canvass For Downward Review of Exchange Rate

Aminu Gwadabe -President ABCONAminu Gwadabe -President ABCON
Aminu Gwadabe -President ABCON

The volatility in the exchange rate of the naira to other foreign currencies often associated with the yuletide season is not likely to be witnessed this year, so says Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON)

Alhaji Gwadabe who stated this in a chart with BusinessUpdate expressed optimism that the naira exchange rate will neither be affected by the influx of dollars from diaspora remittances nor will it be affected by outflows from such obligations as  payment of school fees and similar other expenses.

The ABCON president made this declaration against apprehension in some quarters that demand for foreign exchange from Nigerians for businesses and foreign trips as well as inflows from diaspora remittance is likely to upturn the current trend of stability in the forex market.

According to him, this development is not likely to affect the market rates in any way “I do not see anything that will affect the market or alter the rate significantly”

He argued that the market had enjoyed relative stability over the last 30 months and as such is not likely to witness any major upset this season.

The ABCON boss stated that “while I do not foresee any rate hike, the authorities should reduce the rate further”. He insisted that the relative stability that has pervaded the market over the last couple of years has made it imperative for a downward adjustment in the exchange rate.

While calling on the authorities to effect a reduction or downward review of the exchange rate expressed the view that it will further enhance the rates stability that has been enjoyed at least in the last 30 months.

ABCON as an association has remained a major catalyst in ensuring price stability in the nation’s foreign exchange market. The association was formed to enhance ease of accessibility of FOREX to Nigerians at very reasonable pricing.

As members of ABCON, Bureau De Change (BDC) operators facilitate funds transfer to all parts of the world for a number of reasons to carry out legitimate business to fund educational pursuits, to facilitate health concerns, help in the purchase of travellers’’ and other legitimate businesses

Established on the 4th of February 1997, the association has been consistent in upholding and creating an environment of sanctity in the business of foreign exchange.