Business Nigeria FX Market as big as $20bn Monthly - BDC President


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LequteMan

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Nigerians demand as much as $20bn every month for foreign exchange, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) has stated.

According to him, the $1bn intervention of the CBN was a far cry from the monthly Forex demand in the country.

“The $1b inflow is far less than what the economy consumes. The entire FX market is over 20 billion dollars monthly.

“The cleared backlog of the CBN are funds that came through the FMDQ OTC foreign investment that came into the economy over time and the CBN has no option than to redeem it, to close the increasing gap of investors’ confidence,’’ Gwadabe said.

The naira currently goes for 490 to a dollar at the parallel market.
 

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