The president of the Association of Bureaux De Change of Nigeria (ABCON), Mr. Aminu Gwadabe, has said the incessant decline of the Naira against the United States Dollar at the currency exchange market would continue unless the Central Bank of Nigeria (CBN) takes a bold step to put in place the right policies.
One of these, according to him, is the integration of Bureaux De Change (BDCs) operators in the sale of foreign exchange (forex) to customers.
Currently, the CBN supports the FX market with supply to meet the demands of customers, who approach commercial banks for BTAs, PTAs, and others. Before now, BDC operators were given FX to sell to retail customers.
“I am not a prophet of doom and student of continuing Naira depreciation, but except fundamental goodwill and courage is demonstrated, the Naira will continue to suffer loss in exchange for the greenback,” the ABCON chief said.
He noted that the small retail exchange institutions, the BDCs, remain at the centre of CBN’s exchange rate policies implementation, hence the need for the regulator and public to continuously support BDCs’ roles in exchange rate stability.
Mr Gwadabe expressed optimism that the FX market in Nigeria can retain stability if the central bank listens to the forex traders’ cries and involves them in the system.
“I am very confident that Nigeria will in not-too-distant future appreciate a stable exchange rate and availability of forex in the local economy as the right people for government policies’ implementation get such responsibility,” he stated.
He called for increased automation of their processes and providing more channels of transactions for sustainable price equilibrium while eradicating rent-seeking, currency substitution and speculation.
Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…
Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…
The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…
The black market dollar to naira exchange rate for today, 22nd December 2024, can be…
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…
Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…