The continued fall of the naira at the parallel market and Investors’ and Exporters’ (I&E) Forex window has been linked to currency speculators hoarding dollars to profit from the currency crisis.
The naira was recently exchanging at N485/$1 at the parallel market and N415/ $1 at the I&E Forex window, dashing expectations that the Central Bank of Nigeria’s implementation of the new ‘Naira for Dollar Scheme” will strengthen the local currency.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, confirmed the development.
He said the Central Bank of Nigeria (CBN)-licenced Bureaux De Change (BDC) operators will not stand by and watch the currency business derailed by currency speculators and black market dealers who are not answerable to any authority.
He said the BDCs will support the apex bank in tackling forex spectators to bring about exchange rate stability.
The CBN had promised that the new policy would provide Nigerians in the Diaspora with cheaper and more convenient ways of sending remittances to Nigeria.
The policy, which gives N5 rebate for every $1 sent by Nigerians in diaspora to the country, will be paid directly to the account of the beneficiaries, following receipt of the remittance inflows.