TheCable

Bureau de Change operators in the country are set to begin operations after suspending forex sales to protect members from contracting the coronavirus.

Operators had, on March 26, announced that the Central Bank of Nigeria (CBN) has granted its request for a two-week break to as part of measures to curb the spread of coronavirus.

This was before President Muhammadu Buhari imposed a total lockdown on Lagos, Ogun and Abuja.

In a statement on Wednesday, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), said the CBN’s plan on lifting the moratorium on dollar sales to BDCs, the reopening of airports, global ease on the restriction of movements are positive indications that forex inflows will soon improve.

Gwadabe also warned members and forex speculators against putting pressure on the naira saying involved parties would lose their money.

“The return of over 5,000 BDCs to the forex market will add great strength to the naira and lead to major capital losses for forex speculators,” he said.

“It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost naira recovery and put the enemies of the economy to shame.

“We are committed to the CBN’s exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.”

He added that the International Monetary Fund (IMF) loan would help in mitigating the economic impact of the COVID-19 pandemic and the fall in international oil prices thereby putting the naira in a better standing against other currencies.

The naira exchanged at N461/$ on Wednesday.