FOREX SCARCITY | Politicians who hoarded the dollars are responsible for the declining value of Naira – BDC

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the discovery of huge sums of money in Lagos has vindicated its members.

In an interview on Friday in Lagos, Gwadabe said that ABCON was saddened by the development, but added that the real enemies of the Naira were gradually being exposed.

The Economic and Financial Crimes Commission (EFCC) had on Wednesday discovered about 43 million dollars, N23 million and 27 thousand Pounds sterling from a building at Ikoyi, Lagos.

According to him, every well meaning Nigerian has seen that the issue of depreciation of the naira was beyond the BDCs.

“Only God knows the quantum of money that is outside the banking sector,’’ he said.

He said that it was unacceptable for an individual or group of individuals to store such volume of money at home.

Gwadebe said hoarding and currency speculation was no longer profitable, urging members of the public to desist from such acts in the overall interest of the economy.

Gwadabe urged the Central Bank of Nigeria (CBN) to critically look into developments in the banks, where unutilised foreign exchange was returned to it in spite of long queues of persons waiting to buy them.

“I hear that 100 million dollars was given to the banks recently and only 45 million was used.

“The CBN should look into the position of the banks and see how the unused foreign exchange can be earmarked for the BDCs,’’ he said.

He expressed optimism that with the spate of investigations and discoveries by security agents, the Naira was on its way to recover.

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