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Bureaux de Change Operators of Nigeria Expresses Optimism Says Naira Recovery Now Tackle Inflation

The Association of Bureaux de Change Operators of Nigeria has said that the recovery of the naira has led to a relative decrease in the prices of goods and services in the country....CONTINUE READING

The president of the association, Aminu Gwadebe, made this known in a statement, hailing the decision of the Central Bank of Nigeria to allow Bureaux de Change to operate in the foreign currency market. He added that it was a major factor in the recovery of the naira.

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Gwadabe noted, “The current development in the foreign exchange market has started reining in inflation as the prices of most necessities are becoming relatively lower in the market. On a most serious note, the positive impacts also include heightened confidence of the public in the local currency as it eliminates currency substitution behaviour, which has hitherto been adding pressure on our local currency.”

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“The reconsideration of the BDCs into the mainstream foreign exchange market has not only demystified illegal economic behaviours such as hoarding, rent-seeking, round-tripping, and FX holding positions but also led to the emergence of exchange rate convergence.”

Describing the ongoing market development as revolutionary, Gwadabe declared that a stable naira would attract more foreign portfolio inflows to the economy.

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