The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to remove restrictions that makes it difficult for Bureaux De Change to compete for the $20 billion inflow in the unofficial forex market.
These potential, ABCON noted, included the estimated $20 billion annual inflow in the unofficial forex market, which far exceeded the annual dollar cash sales to BDCs by CBN. The association however called on the CBN to withdraw all restrictive and handcuffing controls which may hinder the ingenuity of the BDCs and thus their ability to explore the potentials highlighted above.
“By principle a depreciated currency makes exports of a country cheaper in the international market thereby increasing inflow of foreign exchange but unfortunately for Nigeria the sectors where it has comparative advantage to excel is grossly traumatised by terrorism and insurgency due to lack of will power of government to control the situation.
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