BDCs Seek Clear Direction On CBN Forex Policy

Following recent reports on the plan by the Central Bank of Nigeria to stop sale of foreign currency to Bureau de Change in the country, operators have asked for a clear roadmap for the BDC forex market.
The umbrella body of BDCs in the country, Association of Bureau de Change Operators of Nigeria (ABCON) in a statement issued yesterday said speculation and media reports on the direction of the CBN on Forex sales will further degenerate the depreciating value of the naira.
In the statement signed by its acting President Aminu Gwadabe, ABCON said “the current CBN engagement of media war and derogatory remarks on BDCs from some of its director on TV stations will only worsen the fragile naira and not to strengthen it. 
“The CBN should as a matter of urgency come out with a road map of where BDCs operations is going to be in 2016, sensitize operators, train them to avoid the growing mistrust between the operators and the regulators.”
The BDC Association said it noted “with dismay how the media and the regulators blamed on BDCs as the major cause of naira volatility in the market and closing their eyes on the activities of major participants in the foreign exchange market.
“As law abiding entities and concerned Nigerians the BDCs operators have in various means and form over time till now supported and partnered with the CBN in its general price stability objectives  and specifically the foreign exchange rate stability in the market.There is no gain saying the facts that the BDCs sub sector have since 2006 to date remained the most effective and efficient cbn monetary tool of foreign exchange stability.”
The association also called on the President Muhammadu Buhari led government to continue to block leakages, diversify the economy and empower small scale Buisiness to mitigate the falling oil prices, depletion of fiscal buffers and dwindling oil reserves.

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