The Association of Bureaux De Change Operators of Nigeria has warned its members and forex speculators putting pressure on the naira to stop the practice or risk losing their money.
There are, however, indications of an improvement once dollar sale to the BDCs commences.
According to him, with the CBN’s planned lifting of suspension on dollar sales to the BDCs, reopening of the airports for air travels and global ease on restriction of movements, there are indications that dollar flow to the economy will soon improve. “It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost naira recovery and put the enemies of the economy to shame.”
The ABCON boss said the uptick in activities in the Chinese economy had raised the country’s crude oil demand which would impact positively on Nigeria’s crude oil sales to the Asian country and boost dollar earnings.
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