ABCON Denies Fixing Dollar Price at N900 in Parallel Market

The Association of Bureau de Change Operators (ABCON) has refuted the claim that it instructed its members to stop buying US Dollars above N900 in the parallel market. This comes amid the foreign exchange crisis that has hit the country.

A reliable source at ABCON, who spoke to DAILY POST on Monday on the condition of anonymity, dismissed the report of alleged price fixing as false. The report had suggested that the association was planning to crash the dollar price to N1000/$1.

The source said that ABCON did not have the power to determine the price of dollars in the parallel market, which operates on a willing buyer/willing seller model. He added that only the Central Bank of Nigeria (CBN) could regulate the exchange rate.

He explained that some forex traders at Zone 4 Abuja might have decided to sell dollars at N900, but it was not a directive from ABCON. He, however, expressed support for any measure that would benefit the country.

Last week, CBN lifted forex restrictions on rice, cement and 41 other items, hoping to reduce the demand for forex in the parallel market. However, the exchange rate has remained unchanged at the parallel market, trading at 1030/$1.

In contrast, the naira exchanged at 778/$1 at the official market on Friday.

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