Home Business Currency speculators’ll lose money, ABCON warns BDCs

Currency speculators’ll lose money, ABCON warns BDCs

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The Association of Bureau De Change Operators of Nigeria (ABCON) has told its members they will lose money if they engage in sharp practices in the foreign exchange market. It advised members to comply with the association and the Central Bank of Nigeria’s regulations in their daily operations.

The President, ABCON, Alhaji Aminu Gwadabe, said these at an emergency meeting organised by the association to warn members against the consequences of engaging in illegal forex activities. He spoke in Lagos on Monday.

Gwadabe said, “The purpose of this emergency meeting is to address certain current issues that have emerged in the market. If you think you are keeping money (forex), you are deceiving yourselves; you are going to lose money.

The CBN is going to inject liquidity into the system. “Let us not be deceived. No amount of frustration or coercion will stop the CBN as it has agreed to give liquidity and it will be a surprise.”

 

 

 

 

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