‘Enhanced Diaspora Remittances’ll Boost Naira Value’

The President, Association of Bureaux de Change Operators of Nigeria, AlhajiAminuGwadabe, says that an increase in diaspora remittances will help to solve the value of naira that has been falling.

Gwadabe says his sincere advice for the continuous loss of confidence in the value of the naira is to harness the BDCs’ potential as a vehicle to attract diaspora remittance and enhance supplies in the market.

The remittance sources are huge, cheap and engine of growth in the economy.

He urged the Central Bank of Nigeria to review and consider the BDCs as payout agents of International Money Transfer Service Operators in the remittance space as contained in their guideline of 2014 for BDCs reforms.

The naira had suffered setbacks as it fell by a margin of about 40 to the dollar at the parallel market in two months.

As part of efforts to solve naira crisis, the CBN vowed to clampdown on Abokifx, an online forex publication.This led AbokiFX to suspend publication of its forex rates of naira to other currencies.

Despite the suspension, the naira had continued to be bought and sold at 575 and 580 at the parallel market.At the I&E forex window, the naira hit a high of 415.20 to close at 414.73.

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