ABCON issues stern warning to currency speculators amid maira’s rebound

The Association of Bureau de Change Operators of Nigeria has issued a stern warning to currency speculators amid the Naira rebound against the Dollar in the foreign exchange market.

President of ABCON, Aminu Gwadabe, in a recent statement reacting to the gain of the Naira at the forex market, stated that the Central Bank of Nigeria is set to punish any economic saboteurs in the sector.

According to him, BDC operators are ready to rally around the CBN to sustain the recent gains of the country’s currency.

“What is happening in the market and the continuous naira rebound are the manifestations of the CBN double-edged sword measures of dollar liquidity injection and Naira mopping through the instrumentality of interest rate hikes.

“It is a good development as it is (now) a great risk to speculate, hoard and substitute naira for other currencies.

“As we continue to observe developments, there is the need for caution in attacking the naira, as it all appears that the CBN has got the arsenal and the logic to continue to enshrine the success recorded,” ABCON’s president noted.

Recall that the Naira had maintained its gain against the Dollar last week, exchanging at N880/$1 in the Binance P2P market.