ABCon President, Alhaji Aminu Gwadabe, who presented these measures at a press conference in Lagos, said part of the measures include the weekly publication of the reference exchange rate for BDC segment of the foreign exchange market.
He said that, in addition, the Association will introduce full automation of BDC operations in Nigeria, saying about 2,000 BDCs are already enrolled in the online platform that has been established for this purpose. "We want to support our determination to emphasize the development of positive rates in the market through BDCs Weekly rate for the media today are launched. We also ask for your support and partnership to assist in the CBN and the government to eliminate or reduce to the barest minimum activity of parallel operator market.
"We want to use our partnership with you, to give visibility to registered BDCs in the market and create more awareness about the role of BDCs in the sale of foreign currency retail end of the market," he said.
Gwadabe said the measures are aimed at strengthening confidence in the foreign exchange market and thus encourage Nigerians in the Diaspora to send dollars through the official market, adding, "it is believed that Nigerians in the diaspora free up around $ 35 billion in the country last year. We believe that if all these dollars remitted through official channels, Naira will greatly appreciate, and I of course will be eliminated. "
He noted that the challenge course of the nation, particularly the recently introduced a flexible exchange rate regime is liquidity, adding that the decision to ensure transparency through the harmonization of the course, which would increase confidence in the market and encouraging the inflow of dollars.
"We call on regulators and governments to harmonize multiple exchange rates that spread in fiscal year 2016. We also use this medium to appeal to members of the print and electronic media to adopt a single rate system foreign exchange market in their reporting and completely ignore the rate in the parallel market as is small in volume, cash basis and does not recognize the law allows.
"ABCon believes that despite the challenges of the economy, CBN and BDCs will continue to work together to find sustainable solutions that can help the country reel from the current forex crisis and achieve full economic recovery," he said.
Sign up here with your email
ConversionConversion EmoticonEmoticon