EFCC Collaborates with BDCs to Impact Black Market Exchange Rate, Exceeding N1,400 for One Dollar.
In a concerted effort to alleviate pressure on the naira within the unofficial foreign exchange market, the Economic and Financial Crimes Commission (EFCC) and the Association of Bureaux De Change Operators of Nigeria (ABCON) have joined forces.
Among the strategies agreed upon by the two entities are regulatory reforms, increased transparency, and stringent compliance measures. Additionally, ABCON has now gained approval to publicly display the buying and selling rates of the naira against the dollar.
This decision emerged following a meeting at the EFCC headquarters in Abuja, attended by EFCC Chairman Ola Olukayode and ABCON National Executive Council (NEC) President Aminu Gwadabe.
ABCON has been granted permission to establish a common website for BDCs rates and trading platforms. This platform aims not only to challenge other existing platforms in the economy but also to ensure uniform rate reporting.
Gwadabe expressed optimism about the readiness of CBN-licensed BDCs for regulatory reforms, emphasizing their commitment to enhanced efficiency, transparency, and compliance with established regulations for the benefit of the financial system and the economy, as reported by BusinessDay.
He reiterated that CBN-licensed BDCs will actively discourage forex end-users from engaging with the unofficial or black market segment, striving to achieve exchange rate stability and convergence.
Notably, the naira has experienced a significant weakening against the dollar, reaching a record low of N1,410 per dollar on Thursday, November 25, 2024. The widening spread between the official and unofficial markets, coupled with the local scarcity of dollars, has contributed to this depreciation.
ABCON has also highlighted concerns about some Nigerians hoarding savings in USD due to the depreciation of the naira. Aminu Gwadabe, the National President of ABCON, stressed the need for a liquid FX market and expressed dissatisfaction with the impact of the $2.2 billion released by Afrexim Bank, stating it was insufficient to stimulate the market and significantly impact the naira’s value.
Stay informed with Ejes Gist News – Your Source for Credible News in Nigeria Now.
