Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), says consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to stability of the naira. Gwadabe made the observation in an interview in Lagos on Monday. He said that currency speculators would stop at nothing to make nonsense of the gains the naira had made against the dollar at the foreign exchange market in Nigeria. According to him, huge sums of dollars go through the nation’s boarders illegally, creating artificial dollar scarcity in Nigeria. The ABCON chief said that: “Hawala activities, where the naira is traded abroad and create frivolous demand for the dollar is still a threat to naira stability.” The financial expert, however, said that the naira had remained stable in the local market exchanging between N360 and N365 to the dollar in the past five months. He said that the depreciation in the value in the naira was only being witnessed abroad.
Gwadabe dismissed reports that the naira was traded for as low as as N369 to the dollar at the parallel market, describing it as the handiwork of speculators. He said that currency speculators were bent on distorting the market to mitigate the effects of their losses arising from the appreciation of the naira against the dollar. Since February when the CBN started aggressive interventions at the foreign exchange market, it has injected more than 3.6 billion dollars into the market. These series of interventions resulted in the stability of the naira at the parallel market and narrowed the gap between the interbank and parallel market exchange rates. Some experts have advised the CBN to give more attention to the manufacturing sector in the allocation of foreign exchange to boost activities in the sector. (NAN)
https://www.vanguardngr.com/2017/09/illegal-dollar-evacuation-dubai-threatens-naira-stability-gwadabe/

Buhari is fighting corruption!

.

these guys above me sef

Its a bad development

Evacuation is the word they choose again

Dose that makes the rules are the first to break the rule

Corruption is an industry..... No.....an Institution..... No......a policy.......not strong enough......

IN NAIJA, CORRUPTION IS A RELIGION!

It boasts of faithfuls from all faiths, all tribes, all stations, from all walks of life.......
from the Class Rep who skims on the contributions of his fellow students........
to the contractor and evil servants who inflate sums of contracts.......
to the pastor who tells his congregation what they want to hear so he can get what he wants.....
to the imam who collects money to pray piously for the thieving politician instead of going after him with preachings blazing with fire and vitriol......
What a religion!
One that conquers the principled, makes them compromise their stand, conquers men of faith, making them puppets to ones they call heathens.
Well, no matter the noise, corruption seems to roll on....

Ok

cursed country.

Provided they are not evacuating Naira. Dollar is not our currency!
Is evacuation another form of money laundry?

C'mon Brov. The guy is not even a government official..... �

Settingz321:
Evacuation is the word they choose again

conyema12:
Its a bad development

Blame Buratai and his Dubai mansions as well as the other looters in APC,PDP,APGA.

Is Nigeria stable?

sarki come and tell us evacuation is not corruption
ndi ara
even under the watch of omenka god....

Like seriously

Ask me again

Hehehehe.

I see.

Now that it is not Jonathan govt, it is now evacuation.
No wonder General 'Press-up' Buratai got away with Dubai houses. Na just evacuation.

A thief can break into your house and evacuate your money and property now.

Corruption is now a refined surgical procedure.

Make una continue.

Okay

The northern president empowring his fellow almajiris

Wiseandtrue:

Hmmmmmmm madam Kemi your attention is needed!
Illegal dollars to Dubai How With all these saints as ministers

Saint Amaechi,Fashola and Dambazau

Settingz321:
Evacuation is the word they choose again

Yes na. . .don't you know. . .they're only helping us keep it safe in Dubai. . .in case of any natural disaster that can happen in Nigeria

Chai!!!!! Nigeria my country. I think the corruption in this country is worse than the natural disaster happening in U.S. God just share this disaster equally.if ur country no get hurricane imra e go get Catherine or get the worse of them which is hurricane CORRUPTION like Nigeria.

AreaFada2:
Hehehehe.

I see.

Now that it is not Jonathan govt, it is now evacuation.
No wonder General 'Press-up' Buratai got away with Dubai houses. Na just evacuation.

A thief can break into your house and evacuate your money and property now.

Corruption is now a refined surgical procedure.

Make una continue.

Evacuation is not corruption-Buhari

So is it d previous govt dat is still evacuating dollars now abi it's d ghost of d govt??

verygudbadguy:
Guys above me do not understand what the ABCON Chief is talking about but immediately booked spots. Is Seun going to give you money for occupying those positions.

ABCON has been on review case with CBN for some weeks now because the trade is not as profitable as it used to be. We buy from CBN at 360 and sell at 362-365. They have been clamouring for a review of rate since the CBN dropped Banks buying rate to 357 but still retained that of BDCs at 360.

One thing is not clear to the ABCON Chairman yet. They are not only taking dollars and other currencies to Dubai but the round tripping is also viable in Benin Republic. Our borders are so porous that a large sum of cash can be worn on the body and immigration won't even know.

And d practice is not corruption abi??

In this part of the world, we are so corrupt in such a way that the devil is afraid. Niaja i hail!

In Ojukwu's voice, the Mud called Nigeria

rightly so