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CBN to inject another $10,000 to BDCs

By on April 6, 2017

The Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide, Alhaji Aminu Gwadabe says.

Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

According to him, the move by the CBN is to checkmate the activities of currency hoarders and speculators.

NAN reports that the CBN had on Tuesday injected 10,000 dollars to BDCs nationwide.

“Providing liquidity into the BDC subsector is the rat poison that will smoke the rat out of the hole in terms of speculation and hoarding.

“The CBN’s action justifies its determination to continue to strengthen the Naira and get it out of the grips of speculators and hoarders,’’ Gwadabe said.

The ABCON chief commended the “doggedness of the CBN in its interventions in the entire official window.

NAN also reports that the CBN had on Monday vowed to stamp speculators out of the nation’s foreign exchange market through its interventions.

The move by the CBN to rightfully explore the BDC window in stabilising the Naira exchange rate has shown the apex bank as a listening institution geared toward ameliorating the plights of FOREX end users.

 

(NAN)