ABCON chief gets award for forex contributions
The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, at the weekend won the “Private Sector Personality of the Year 2018 Award.He got the award at the seventh anniversary Lecture & Man of The Year Award organised by the Nigerian NewsDirect, at Eko Hotel & Suites in Lagos.
Gwadabe emerged winner given his contributions to the stability of the foreign exchange market and the naira.Other awardees are Governor of the Central Bank of Nigeria, Godwin Emefiele, who won the Chief Executive of the Year award; and Group Managing Director of Access Bank Plc, Herbert Wigwe, who got Bank CEO of the Year award, among others.
Gwadabe dedicated the award to ABCON staff, saying he felt so greatly honoured to be recognised, adding that ABCON remains committed to working with the stakeholders in supporting forex availability and naira stability.“I am therefore, particularly delighted that the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, is implementing appropriate measures to make foreign exchange available and the naira stable against world currencies.
“At the ABCON end, we have established the naijabdcs.com, a live rate engine room to be rolled out soon, that will ensure uniform genuine rate quote across forex market. “Let me assure the CBN and other stakeholders in the forex market that Bureau de Change (BDC) operators stand ready to collaborate with them in supporting the development of a viable and stable foreign exchange market for the country.
“And this readiness is directly in harmony with our resolve and vision to create a professional and ethical BDC sector that will act as a financial catalyst for job creation and inclusive economic growth,” he said.Gwadabe advised the CBN to use the current buffers presented by the $46 billion foreign exchange reserves to tackle the multiplicity of exchange rates.
He said the CBN should also look at the challenges faced by BDCs in terms of pricing of their dollars, and make BDCs direct agent of the International Money Transfer Operators (IMTOS).This, he said, would cheapen dollars as Nigerians still pay high charges for using IMTOs to source dollars, thereby making the greenback to cost more.
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