Monday, January 25, 2021

ABCON kicks against speculators depreciating naira forcefully



The Association of Bureaux De Change Operators of Nigeria has warned foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities .

President of ABCON , Alhaji Aminu Gwadabe, said forex speculators were taking huge risks with their funds, as the Central Bank of Nigeria had enough financial muscle to defend the naira and close the widening gaps between official and parallel market rates .

The association noted that the naira had in the last few days depreciated to 480 to the dollar in the parallel market , but had remained stable at 379 to the dollar at the official CBN rate .

According to Gwadabe, with nearly $36bn foreign reserves, the CBN has what it takes to punish the enemies of the economy forcing the naira to depreciate through speculative activities.