A spike in parallel market rates in the past few days has seen the Nigerian Naira come under pressure in recent days, but the Central Bank of Nigeria (CBN) maintains that market fundamentals do not support devaluation at this time. The CBN says it is investigating to clamp down on people involved in speculative market behaviour. As Nigerians also await communication from the committee set up to assess and respond to the impact of the coronavirus on the 2020 budget and Nigerian economy, Andrew Nevin, Partner and Chief Economist at PwC Nigeria and Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria joins CNBC Africa to assess how recent developments impacts Nigeria's economy.
The Association of Bureaux De Change Operators of Nigeria has asked the Central Bank of Nigeria to implement provisions of its 2014 circular which empowers BDCs as direct agents of international money transfer operators. Aminu Gwadabe, President of ABCON joins CNBC Africa from Abuja to discuss this story and other demands of the association.
The Association of Bureaux De Change Operators of Nigeria, ABCON, have asked the Central Bank of Nigeria to implement provisions of its 2014 circular which makes BDCs direct agents of international money transfer operators. Tosin Osunkoya, CEO of Comercio Partners Asset Management joins CNBC Africa to discuss this story.