• Business - Economy
  • Updated: April 02, 2024

BDCs say naira recovery tackling inflation

BDCs say naira recovery tackling inflation

The Association of Bureaux de Change Operators of Nigeria has disclosed that the appreciation of the naira has led to a relative decrease in the prices of goods and services in the country.

This was made known by Aminu Gwadebe, the president of the association in a statement.

He hailed the decision of the Central Bank of Nigeria to allow Bureaux de Change to operate in the foreign currency market, adding that it was a major factor in the recovery of the naira.

Gwadabe noted, “The current development in the foreign exchange market has started reining in inflation as the prices of most necessities are becoming relatively lower in the market. On a most serious note, the positive impacts also include heightened confidence of the public in the local currency as it eliminates currency substitution behaviour, which has hitherto been adding pressure on our local currency.

“The reconsideration of the BDCs into the mainstream foreign exchange market has not only demystified illegal economic behaviours such as hoarding, rent-seeking, round-tripping, and FX holding positions but also led to the emergence of exchange rate convergence.”

He added that with the recovery of the naira, the price of international school fees had dropped by 15 per cent; the cost of medical tourism had been reduced by 20 per cent and prices of air fares for local and international trips had dipped by 25 per cent.

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