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Nigeria: Culprits Behind Recent Naira Depreciations Revealed

President of the Association of Bureau de Change Operators in Nigeria, Alhaji Aminu Gwadabe, has pointed accusing fingers at unauthroised persons posing as BDC operators as those responsible for the irregular fluctuations of the naira at the parallel market.

“People think that BDC operators are making a lot of money these days. But it’s not true. People do not understand that there are a lot of participants in the parallel market.

“I can authoritatively tell you that about 80 per cent of all registered BDCs in the country have closed down since the CBN stopped the sale of dollar to BDCs.

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“Right now, the unlicensed BDCs are currently more than the licensed ones all over the country. And their activities are not regulated because they are not registered.

“So right now, the market is in the hands of speculators and these unlicensed BDCs,’’ he said.

Gwadabe advised the CBN to come up with a robust, effective and efficient monitoring and supervision of all players in the market.

He also called on the CBN to audit big corporate institutions which he claimed had become major players in the foreign exchange market.

NAN

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Written by PH

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