The Association of Bureaux De Change Operators of Nigeria has asked the Central Bank of Nigeria to establish BDCs’ autonomous foreign exchange trading window with a determined maximum daily limitThe association said it would enable eligible BDCs to access dollars from banks, autonomous markets, and diaspora forex widows at the prevailing market prices.
Speaking at the meeting, Aminu Gwadabe, ABCON president, said the creation of the BAFEX window is one of the strategies that the association came up with to save the naira from further decline and enhance exchange rate stability.Gwadabe said the depreciation of the naira against global currencies was due to pressure from rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy.
He sought the creation of an automation portal to encourage the registration of undocumented and unlicensed operators for effective monitoring, identification and tracking of their transactions.The president said the reluctance of the CBN to open new windows through which foreign exchange can be attracted to the economy remains a key factor in the naira’s continued fall.
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