The Association of Bureau De Change Operators of Nigeria (ABCON) has tasked the country’s apex financial institution, the Central Bank of Nigeria (CBN) to continue in its efforts of stabilizing the foreign exchange rates for economic growth.
The call was made by ABCON President, Alhaji Aminu Gwadabe during an interview with the News Agency of Nigeria.
What they are saying: Speaking to NAN, Alhaji Gwadabe said: “My advice is that the CBN should continue to expand the supply source of the buffers through deliberate and strategic plans in the Diaspora remittances.
“Emphasis should also be given to diversification to enjoy the full potential of the present Africa Continental Free Trade agreements.
“It should also partner relevant stakeholders on the adoption of newer technologies and digitisation of our Bureaux de Change sector for growth of the economy.
“Finally, it should enhance intelligence base approach for effective monitoring and supervision of the market,’’ he concluded.
In addition, Gwadabe urged the Federal Government of Nigeria to diversify its revenue base, considering non-oil export proceeds, diaspora remittances and sales of unprofitable assets.
What you should know: Nairametrics had earlier reported that various interventions by the CBN had helped to stabilize Naira at the black market, with CBN selling over $1 billion to BDCs since they resumed forex sales on September 2020.