LAGOS/Nigeria: The Association of Bureaux Des Change Operators of Nigeria (ABCON) has applauded the CBN for the lifting of the suspension of sales of interbank FX to its members nationwide.
This is contained in a statement signed by Alhaji Aminu Gwadabe, President, ABCON, on Friday in Lagos.
“We are delighted that the CBN have considered our members’ accessibility to the New EFEMS Market through the banks.
“This development is a testament of the CBN’s recognition of our third level roles in the foreign exchange market architecture,” Gwadabe said.
As contained in the circular, the purpose is to meet the critical retail-end needs of the market where the BDCs have significantly played a potent and effective transmission monetary mechanism of the CBN policies.
Gwadabe said that the benefits to be achieved in the implementation of the circular includes, but not limited to:
“Liquidity injection in the retail-end and enhancing price discovery, where volatility is pervasive, stable exchange rates, eliminate or reduce illegal economic behaviors like speculation and currency substitution in the economy.
“Other benefits includes job creation, Data generation, lower inflationary rate and improving the fragile security situation.
“To our members, it will revitalize our operations, making us functional and profitable.
“It will also improve our compliance obligations to security and monetary agencies.
“I therefore, urge all our members to act within the directives in the circular and ensure the desired result of the appreciation of our local currency is sacrosanct.
“BDCs should render their returns regularly, operate inside their offices and ensure seamless automation of their process.
“Finally I plead with the banks to ensure transparency, level playing field in the discharge of their responsibilities to our members nationwide.”
