‘Nigerian politicians behind naira’s decline’

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The Association of Bureau De Change Operators of Nigeria, ABCON, says politicians are behind the persistent fall of the Naira.

Bureau De Change
Bureau De Change

Speaking in an interview with journalists on Friday in Lagos, Aminu Gwadabe, ABCON president, said the recent discovery of huge sums of money in Lagos has vindicated its members.

Mr. Gwadabe said ABCON was saddened by the development, but said 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.

Amid controversy over the ownership of the money, the National Intelligence Agency, NIA, told PREMIUM TIMES the money belonged to it.

But the ABCON boss said every well-meaning Nigerian had 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,” Mr. Gwadabe said.

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

According to the ABCON chief, 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.

He 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.

Mr. Gwadabe, however, expressed optimism that with the spate of investigations and discoveries by security agents, the Naira would soon recover its value.

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