ABCON President wants CBN to approve Yuan disbursements to members

The President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has urged the Central Bank of Nigeria (CBN) to approve the Renminbi (Yuan) disbursements to its members, to deepen the China-Nigeria Swap deal.

Gwadabe told News Agency of Nigeria (NAN) in Lagos that the approval would enable BDCs to sell Personal and Business Travelling Allowances to customers in Yuan.

The ABCON chief applauded CBN for taking proactive measures in prosecuting the deal and stabilising the naira at the nation’s foreign exchange market.

Gwadabe noted that the swap deal and its full implementation would continue to shore up the value of the naira, as pressures hitherto put on it by the dollar would be reduced.

NAN reports that the CBN sealed about N720 billion deal with the Peoples Bank of China in a move that would facilitate trade between both countries and maintain financial market stability, among others.

The CBN noted that the 41 items earlier banned on June 23, 2015 remained banned under the new deal.

The apex bank also disclosed at the end of the Bankers’ Committee Meeting that it would give incentives to Nigerians who import goods from China.

The committee agreed that importers of Chinese goods would be encouraged to bring invoices in Renminbi.