Over N10bn losses await speculators as ABCON hits forex market

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Foreign currency speculators will in the coming months face over N10 billion losses as the Central Bank of Nigeria (CBN) and Association of Bureaux De Change Operators of Nigeria (ABCON) finalise plans to resume dollar sales to Bureaux De Change (BDCs). 

With over 5,000 BDCs receiving weekly allocations for sale to the retail end users across the country, and rising accretion to the foreign reserves to over $37 billion, the naira’s future looks bright. ABCON has one warning for forex speculators: retreat your steps or get ready to lose your life savings and businesses as the CBN has the financial muscles to sustain dollar interventions to businesses, economy to keep the naira stable in line with its exchange rate stability mandate.

RELATED NEWS:COVID-19: Forex panic buying sends naira crashing

The naira is facing its greatest risk from the coronavirus pandemic, as currency speculators continue to make spurious demand for dollar with hope to make good returns from the rising gaps between official and parallel market rates.

Interestingly, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe have in recent weeks, analyzed the illicit business of currency speculators and the danger the pose to the economy and naira stability.

READ ALSO:IMF urges CBN to end forex intervention

Both leaders have also warned the currency speculators about the looming danger for their trade if they refuse to retrace their steps as they will incur losses estimated at over N 10 billion in the next few months as the CBN prepares for BDCs return to the forex market after nearly six weeks of absence due to the Coronavirus pandemic and need to protect operators.

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The fact remains that currency speculators will lose huge funds, that will likely be the beginning of the ending for their illicit businesses as the apex bank will soon begin dollar sales to over 5,000 BDCs operating across major cities nationwide.

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