By Kelechi Mgboji
Assistant Business Editor
Association of Bureau de Change Operators of Nigeria (ABCON) President, Aminu Gwadabe, has pledged the commitment of the association to partner the Central Bank of Nigeria (CBN) to sensitise its members on the new foreign exchange (forex) policy.
He said ABCON believes the policy would achieve its objectives if effectively implemented.
Gwadabe spoke at a meeting between stakeholders and CBN officials in Lagos where ABCON members were sensitised on the new forex policy.
He urged the CBN to collaborate with BDC operators to bridge the gap between the exchange rates at the parallel market and the official interbank market.
Said he: “The new policy is quite commendable as it allows for a market determination of the exchange rate.
“The present situation in the foreign exchange market is terribly skewed against the BDCs and the result is the huge gap between the interbank and the parallel market exchange rates. This provides opportunity for sharp practices.
“We are also concerned that if not properly implemented, the new policy may lead to huge forex related losses by manufacturers, further rise in inflation and decline in the Gross Domestic Product (GDP) rate, further depletion of external reserves, increased pressure on the CBN to ensure compliance and transparency in the interbank market.”
CBN Deputy Director (Financial Policy and Regulation), Anthony Ikem, said the CBN recognises the economic importance of market operators and is aware of the possible effect of the new forex regime on them.
He sought their cooperation in monitoring the implementation of the policy.
