The Association of Bureaux de Change Operators of Nigeria (ABCON) is intensifying efforts to overturn the prohibition on the public exhibition of black-market foreign exchange rates, as imposed by the Central Bank of Nigeria.

In a press release on Tuesday, ABCON President Aminu Gwadabe emphasized the detrimental impact of forex hoarders on the fluctuation of the foreign exchange market. He stressed the urgency for a comprehensive review of BDC operations by the apex bank to resolve Nigeria’s enduring forex dilemma.

This initiative follows the prohibition issued against AbokiFX, an online BDC, more than two years ago. The CBN, during the tenure of its ex-governor Godwin Emefiele, took action against AbokiFX in September 2021 for publishing the black market exchange rates for the naira online, alleging involvement in “illegal activities that undermine the economy.”

Despite the regulatory measures, the forex crisis persisted. On Monday, January 22, 2024, the naira hit an unprecedented low of N1360/$ in the parallel market, signifying a 47% deviation from the official market rate of N925.34 per dollar.

At the close of 2023 trading, the naira underwent a staggering 96.55% year-on-year depreciation in the official market, with the dollar quoted at N907.11 compared to N461.61 at the end of 2022.

The pressing plea by ABCON spotlights the pivotal role of regulatory policies in shaping the forex landscape, urging a recalibration to attain stability and transparency in Nigeria’s forex market.