Business
ABCON Seeks More Strength For Naira
The Association of Bureau De Change Operators of Nigeria (ABCON) last Monday directed its members to ensure that the Naira appreciated against the Dollar and other major foreign currencies.
Its President, Alhaji Aminu Gwadabe, who spoke at the directors’ meeting in Lagos, said that it was important that the members complied with CBN regulation to force down the exchange rate in the parallel market.
The ABCON chief said that the CBN was ready to increase weekly volume of foreign exchange to BDCs if they worked hard to drive down the increase in the exchange rate.
“We will cooperate with the CBN to narrow the gap between the parallel market and the official market.
“We are looking at an acceptable exchange rate for the dollar,’’ Gwadabe said.
He noted that there were pressures, even from the International Monetary Fund (IMF) that the naira was overvalued.
“There are pressures from speculators and from black market operators.
“All these are happening in the market and it is really driving up the rate.
“We are looking at a very acceptable margin between the official and parallel market rates, say a maximum of five per cent, which translates to about N10,” Gwadabe said.
The financial expert said that speculators were influenced by sentiments which made the market volatile and prone to manipulations.
Gwadabe said that the BDCs were ready to see that the market remained liquid to drive down the increase in the exchange rate.
“Definitely our message will reach the market and we are sure with the support of our members, we are going to do it by the close of trading today.
“On margin, we have told the regulators that it was small compared to other climes, adding that there were margins that were up to 10 per cent,” Gwadabe said.
Gwadabe said that the association already had a relationship with the Nigerian Inter-Bank Settlement System (NIBSS) to ensure that members used electronic platform for documentation of foreign exchange sales.
He added that the usage of the electronic platform would commence in two weeks’ time, adding that some ABCON members were being disqualified on weekly basis.
“Sometimes it is difficult to know that users have used their international passports to buy foreign exchange.
“They so perfect it that even if you put stamp, they can go and clean it and re-present it to you to buy dollars.
“What we are doing with NIBSS is that there is a platform that they have developed whereby all the international passports that buy dollars will be stored on that platform.
“So, BDCs will just go into that platform and input the passport number and this shows if the passport has been used by a particular bank or BDC, since one is allowed to buy one in a quarter, ‘’ Gwadabe said.
Talking about the 450 million dollars found in an abandoned shop on April 7 in Lagos, he said that investigation was ongoing and still under the security purview.
Gwadabe assured that as soon as investigation was concluded, the press would be briefed accordingly.
“We have identified the characters involved and we are going to write them to invite them.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.