ABCON calls for robust foreign exchange policy in 2020


The Association of Bureau De Change Operators of Nigeria (ABCON) on Thursday urged the Central Bank of Nigeria (CBN) to sustain its robust foreign exchange policy in 2020.

Alhaji Aminu Gwadabe, President, ABCON, gave the advice in an interview with the in Lagos.

Gwadabe said that the stability of the naira in the past months was attributable to the doggedness of the CBN in maintaining a robust foreign exchange policy.

He noted that the FX policy had impacted positively on the economy, thus, boosting investors’ confidence.

According to him, the past 30 months till now has witnessed adequate supply of forex in the market.

“For 2020, the robustness of the FX policy in 2019 should be sustained.

“The CBN should continue to be proactive in its policy formulation and direction,” Gwadabe said.

The ABCON chief called for further import restrictions on the goods that could be manufactured locally.

Gwadabe urged the apex bank to continue to sustain the Import and Export (I&E) window and the BDC subsector as they play critical roles in making FX available.

The reports state that the naira had remained stable at the parallel market, exchanging at N360 to a dollar, while it traded at N306 to a dollar at the official window.

The CBN Governor, Mr Godwin Emefiele, at the 54th Annual Bankers dinner in Lagos, had noted that the Apex bank had been able to maintain the stability of the naira through the $60 billion dollars inflow from the I &E window created in April 2017.

Suzan O