The Association of Bureau De Change of Nigeria (ABCON) has described the much talked about need for devaluation of the Naira by some analysts as uncalled for in view of the prevailing fiscal policy stance of the government and other macroeconomic developments. President of the association, Mallam Aminu Gwadabe, made the position known on the sidelines of the sensitization event of ABCON on the outcome of the last audit by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
Gwadabe, while defending the position of the association said: “Devaluation will not do any good, especially we can see, of course, there is border regulation which has improved a lot of activities in the economy. “We are struggling with electricity in terms of its availability and also, Nigeria still remains an import-dependent country struggling with infrastructure.”The financial sector top player pointed out that as far as BDC was concerned, the exchange rate of one Naira to a dollar is N360, adding that “all those who are saying N305, N306 to a dollar, for us is not a transaction rate, these are rates for government obligations. “The rate is not for everybody.
How many percentage of Nigerians get N306 to a dollar? So, if unification is for everybody in the market to be buying like N360 , fine and good”, Gwadabe added. The ABCON leader also said the sensitization was organized to enhance the capacity of members of the association’s operations and to also evaluate the outcome of the assessment of the Financial Action Task Force, GIABA and the Central Bank of Nigeria (CBN) examinations.
