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ABCON Urges CBN On Exchange Rates Stability For Growth

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Tuesday urged the Central Bank of Nigeria (CBN) to sustain its monetary policy measures aimed at stabilizing the Naira foreign exchange rates for economic growth.

A news report by the News Agency of Nigeria (NAN) quoted the National President of the association, Alhaji Aminu Gwadabe, as giving the advice during an interview with it in Lagos.

Gwadabe said that the association’s expectation for 2021 was for CBN to maximise choices to improve the value of naira.

He explained: “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”, the forex expert added.

Gwadabe further noted that the present strategies and tactics of diversification of sources of foreign exchange should be enhanced.

In addition, the ABCON chief also charged the Federal Government to broaden the scope of its revenue drive by vigorously exploring revenue opportunities in non-oil sector in form of export proceeds; Diaspora remittances and disposal of unprofitable assets.

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