BDC operators’ president ‘worried and disturbed’ as naira plunges to 490/$

Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), says the pressure on the naira is disturbing and dangerous to investment, output and employment.

Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the naira.

“I must confess that I am disturbed and worried,” Gwadabe told NAN.

“There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.”

The naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.

It lost 5 points, representing a depreciation of 1.03 per cent, while the pound sterling and the euro closed at N590 and 502, respectively.

At the Bureau De Change (BDC) window, the naira traded at N399 to a dollar at the CBN controlled rate, while the pound sterling and the euro closed at N602 and N510 respectively.

The naira traded at N305.25 to a dollar at the official interbank market, traders at the market saying the scarcity of forex was still exerting pressures on the naira.