Connect with us

BUSINESS

BDCs vindicated by discovery of money in Lagos, says Gwadabe

Published

on

ABCON chief commends FG on Naira stability

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 with our correspondent 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.

It was reported that 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.

Nan

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

NIGERIA DECIDES

NIGERIA DECIDES

Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750
GTB
JoinOurWhatsAppChannel