Africa-Press – Nigeria. The Association of Bureau de Change Operators (ABCON) says it did not direct members against buying US Dollars above N900 amid foreign exchange crisis.
A reliable source at ABCON who preferred anonymity disclosed this to DAILY POST on Monday, debunking a report of alleged price fixing at the parallel market.
It was reported that the association announced plan to crash the price of dollar to N1000/$1.
However, ABCON said it never directed members against buying dollar above N900.
“We did not issue any directive to our members not to buy dollars at a price above N900. It is a willing buyer/willing seller model. We can’t determine the price. It is the Central Bank of Nigeria’s responsibility to do that.
“Maybe forex traders at Zone 4 Abuja decided to go that way, but it is not from us. However, we support anything good for the country”, he stated.
Last week, CBN lifted forex restrictions on rice, cement including 41 items.
The apex bank said the decision would help reduce the demand for forex in the parallel market.
However, the exchange rate has remained unchanged at the parallel market, exchanging at 1030/$1.
In contrast, the country’s currency is exchanged at 778/$1 at the official market on Friday.
For More News And Analysis About Nigeria Follow Africa-Press
