The Association of Bureau De change Operators of Nigeria on Tuesday in Lagos advised Nigerians not to buy dollars for storage to avoid selling at a loss.
The ABCON President, Alhaji Aminu Gwadabe, told the News Agency of Nigeria that Nigerians should stop buying dollars that they would have no need of.
His advice came on the heels of Central Bank of Nigeria’s adjustment of naira exchange rate at the Investors and Exporters foreign exchange window.
The apex bank pegged the naira exchange rate at N380 to the dollar.
The bank also adopted a unified exchange rate and pushed the official exchange rate of the naira to N376 to the dollar for International Money Transfer Operators rate to banks.
The apex bank pegged banks’ dollar sale rate to CBN at N377 and CBN’s dollar sale rate to banks at N378.
According to Gwadabe, the developments would discourage people who would want to acquire dollars and store them with the hope of selling later.
He said: “It is bad that people are closing their shops and using their capitals to buy dollars and storing in their homes.
“My advice is that there is no need for panic-buying and dollar-hoarding; CBN is the bankers’ bank and I am sure it still has over 30 billion dollars to defend the naira.
“There are those who feel they can buy dollars and keep in their homes believing the rate will go up, but they do not know that they can lose.
“What CBN is doing now is to review the rate upwards to N380 and it can still review the rate downwards to N360 and people will lose money with that.
“If you don’t have any need for dollars, don’t buy and aggravate the issue because the situation is already very dicey.”
Gwadabe said the apex bank had the capacity to maintain supply of dollars to both windows.
He thanked the apex bank for adequately supplying dollars to all licensed members of the association.
He said members of the association were being sensitised to comply with the rules and regulations of their business to avoid sanctions by the CBN.
Gwadabe advised Nigerians to report any licensed member of the association found wanting.