Adedapo Adesanya
By Adedapo Adesanya
The Association of Bureaux De Change Operators of Nigeria (ABCON) has assured members of the public that it would continue to trade the dollar at the official price following the current market realities.
The association made this known in a statement signed by its president, Mr Aminu Gwadabe, advising customers to patronise only CBN-licensed Bureaux De Change (BDC) operators for the purchase dollars at the official price.
It gave this advise so as not to make members of the public fall victim of currency hoarders and speculators, who are creating impression of dollar scarcity in the economy.
The association stated that given the sharp drop in demand for dollars, caused by the impact of the coronavirus on global trade and travel as well as continued dollar injection by the CBN, there was no pressure on the foreign exchange market to warrant increase in the exchange rate above the official rate.
The statement explained: “In recent times, governments across the world, in a bid to stop the spread of the deadly Covid-19 virus, have imposed travel restrictions which has led to sharp decline in the volume of global passenger travel.
“Trade is also at its lowest level globally due to widespread shutting down of businesses in most countries especially China which accounts for about 25 percent of Nigeria’s import.
“One of the consequences of these developments is general decline in demand for trade and travel related services including foreign exchange.
“In recent times ABCON has observed a steady decline in demand for dollars across the various categories of forex end users. Based on this observation and information from BDC members of ABCON, we can categorically state that demand for dollars is at one of its lowest point in the market.”
The statement further added, “the CBN has sustained its weekly dollar sale to BDCs at the same level, hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex.”
“In view of the above, we believe there is no need for anybody to buy dollars from anyone at exchange rate above the official rate, it stressed.” the statement concluded.
