Association of Bureau De Change Operators of Nigeria, has explained why the Nigerian naira will be on path of recovery from this week

The association, through it President, Ahaji Amin Gwadabe in Lagos, said it foresees the naira on the path of recovery by Monday due to the introduction of Travelex, a licensed Forex dealer.

The president said the licensed Forex dealer would enhance transparency in the distribution network.

Travelex, an international money transfer organisation, was officially directed by the Central Bank of Nigeria to distribute Forex to Bureaux De Change operators by Monday.

Gwadabe said that a licensed Forex dealer would enhance transparency in the distribution network.

He said that Forex distribution would be efficient and uniformed across ABCON members unlike what was obtainable in the past.According to him, Travelex has the technology to sell Forex to about a 1,000 BDCs within a couple of hours, which is a major advantage.

He said, “Against this background, the naira is expected to be on a recovery path from Monday as the distribution of Forex to BDCs will boost liquidity in the market.

“The boosting of liquidity in the market will dampen the fears of investors and market speculators, thereby raising their confidence in the market.

“This is a purely ABCON and Travelex arrangement, and has the capacity of removing the bottlenecks in the Forex distribution chain.

“Travelex has the technology to pay about 1,000 BDCs within two hours.

“The new arrangement also eliminates relating with bank account officers”, he said.