The Association of Bureau De Change Operators of Nigeria says it foresees the naira on the path of recovery by Monday due to the introduction of Travelex, a licensed Forex dealer.

The President of ABCON, Alhaji Aminu Gwadabe, said on Thursday in Lagos that a 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.

Source: http://abokifx.com/naira-begin-recovery-next-week-bdcs-today/

Leave your comments below, could this be the end of the hostage held on Nigerians by BDC's or another political stunt.

i wish this to be true but somehow i have this feeling the dollar would push the N500 mark by december festivities. i hope the right policies are in place.