By Adedapo Adesanya
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for better efforts for the Naira in 2021, urging the Central Bank of Nigeria (CBN) to continue stabilising the foreign exchange rates for economic growth.
This call was made by Mr Aminu Gwadabe, ABCON President on Tuesday in an interview with newsmen in Lagos.
Mr Gwadabe said that the association’s expectation for 2021 was for the CBN to maximise choices to improve the value of the Naira.
“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 (BDCs) sector for the growth of the economy.
“Finally, it should enhance intelligence-based approach for effective monitoring and supervision of the market,” Mr Gwadabe said.
According to him, the present strategies and tactics of diversification of sources of foreign exchange should be enhanced.
He called on the federal government to move from one source of oil proceeds to multiple sources, such as non-oil export proceeds, the Diaspora remittances and sales of unprofitable assets.
The Naira had closed at the first session of the year on a good note, making a 3.89 per cent appreciation at the Investors and Exporters (I&E) window to close at N394.30/$1; then holding firm at N379/$1 at the interbank; N395/$1 at the BDCs; and at N470/$1 at the parallel market.
ABCON is a self-regulatory body and an umbrella for all the Central Bank licensed Bureaux de Change operators in Nigeria.
ABCON and all its members are positioned to provide professional services for foreign exchange transactions across the country.
Modupe Gbadeyanka