The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the association is ready to partner the Central Bank of Nigeria (CBN) to sensitise its members on the newly-introduced flexible foreign exchange policy.
Gwadabe said, “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 rate, further depletion of external reserves, increased pressure on the CBN to ensure compliance and transparency in the interbank market.”
The Deputy Director, Financial Policy and Regulation, CBN, Anthony Ikem, said the CBN recognised the economic importance of the market operators and was not unaware of the possible effect of the new forex regime on BDCs.