The Nigerian autonomous foreign exchange is a market trading segment for investors, exporters and end-users that allows FX trades to be made at a market-determined rate.Aminu Gwadabe, President of ABCON, said this in a statement on Sunday.
He said that while BDCs were licensed to offer retail across the counter foreign exchange transactions, they equally contribute to Nigeria’s economic development. Gwadabe said over N1 trillion annual transaction volume by the BDCs subsector was under threat while huge capital investment was becoming redundant, gradually being eroded and winding up.
“ABCON understands the challenges faced by the apex bank due to the dwindling foreign reserves, declining oil output and oil theft, COVID-19-induced economic pains, fiscal policy challenges, debt burden and election spending, which are making it difficult for the CBN to sustain weekly dollar interventions to BDCs,” he said.
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