ABCON to CBN: Use BDCs to terminate multiple exchange rates

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The President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has urged the Central Bank of Nigeria (CBN) to use bureaus de change (BDC) as a tool to end the practices of multiple rates and create stability in the foreign exchange (forex) market.

In a statement, he also called for collaboration between the BDCs and the CBN in implementing market-friendly policies that would make the BDCs more positive in the market and promote exchange rate stability in the economy.

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The ABCON boss said the hasty generalization that criminalized the BDC sub-sector as responsible for all market crises and offenses such as selling dollars at a higher premium above the regulatory limit, promoting loss of confidence and multiplicity of exchange rates was not in the best interest of the market and the economy.

He said: “It is in light of this worrying situation and the need to strengthen the BDC value chain as obtainable in organized climates that we urge regulators and policy makers to view BDCs as the most powerful tool to liberalize the foreign exchange market and stop multiple exchange rates in the system.

He explained that BDCs had since 2006 provided policymakers with a window in achieving their exchange rate stability and price equilibrium mandates.

“In order to address the challenges facing the foreign exchange market, the time has come to integrate BDCs into market activities as agents of market stabilization and delivery to the promised land,” Gwadabe said.

He also said BDC operators had been preparing for a time like this for years by integrating technology into their operations and promoting efficiency and transparency in their business, noting that they were ready for a CBN forex stability move.

Gwadabe reiterated ABCON’s commitment to boosting liquidity in the foreign exchange market, fulfilling its regulatory mandate to bring forex closer to end users, and supporting the CBN’s goal of achieving sustainable exchange rate stability. .

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