CBN’s recall of BDCs into FX market boosts Naira, says Gwadabe

The Nation Newspaper CBN's recall of BDCs into FX market boosts Naira, says Gwadabe

has lauded the decision of the Olayemi Cardoso-led Central Bank of Nigeria to recall Bureaux De Change into the mainstream FX market as a major factor in ongoing exchange rate stability.

He said: “The reconsideration of the BDCs into the mainstream foreign exchange market has not only demystified illegal economic behaviours such as hoarding, rent seeking, round tripping and FX holding position, but also led to the emergence of exchange rate convergence.” Gwadabe said the success story is unending as naira trades at N1,255/$ on Saturday, even lower than N1,269.765 rates BDCs were advised to sell.

Going forward, he said that prospects for forex earnings are promising, with foreign portfolio investments on the rise and over $1.5 billion inflows few days after Monetary Policy Committee raised interest rate by 200 basis points. We call, therefore, on the CBN to continue to calibrate the existing relationship between the BDCs and the apex bank to sustain the success story,” he advised.

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