ABCON seeks CBN support for live rate website

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for the support of the Central Bank of Nigeria (CBN) to enhance the operations of its live exchange rate website to improve transparency and stability in the nation’s foreign exchange market.

The association made the call in its Economic Review for the third quarter (Q3’18) released at the weekend, noting that the daily publication of exchange rates on its naijabdcs.com platform played a huge role in the marginal appreciation of the naira in the bureau de change subsector in Q3’18.

The report stated: “During the quarter, the CBN sustained its weekly dollar sale of $60,000 per BDC. This, coupled with the transparency in the BDC subsector due to live exchange rate publication on ABCON’s exchange rate platform -www.naijabdcs. com, helped to ensure appreciation of the naira in the BDC segment and the relative stability of the naira in the general economy.

“According to the ABCON’s www. naijabdcs.com, the naira appreciated by 50 kobo to N359.5 per dollar in the BDC segment in Q3’18 from N360 per dollar in Q2’18.

“But the naira depreciated by N2.6 in the Investors and Exchange (I&E) and by 63 kobo in the interbank foreign exchange market.

“In the I&E, the indicative exchange rate rose to N363.92 per dollar in Q3’18 from N321.32 per dollar in Q2’18.”