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Currency dealers pledge support for CBN’s stability agenda


[FILE] Currency changer. Photo credit: Guardian Nigeria

Currency dealers in the country have pledged their support to the financial stability agenda of the Central Bank of Nigeria (CBN), a development that signals call for continuity, as the government received fresh mandate few days ago.

Under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON), they said their reinforced commitment to CBN was informed by the current financial stability and outcomes of the already implemented monetary policy.

ABCON President, Dr. Aminu Gwadabe, who disclosed this in Lagos yesterday, said the apex bank under Godwin Emefiele had promoted monetary policy initiatives that have kept the economy on stable path so far despite obvious challenges.


According to him, monetary policy decisions, so far, have also impacted positively on the banking system and economy, as customers now have confidence in the sustainability of the financial system.

Citing monetary policy decisions that helped to lower inflation rate, boosted foreign reserves and stabilised exchange rate, the currency dealer said the dollar/Yuan interventions had been strategic.

“Anchor Borrowers’ Programme, which moved the country from a net importer of rice to a major producer of rice and foreign exchange interventions, are among the measures that brought inflation down from 17.2 per cent in April 2017 to 11.37 per cent in January 2019,” he said.

Gwadabe also commended the registration of more International Money Transfer Operators (IMTOs) from 11 to 60, which boosted Diaspora remittances into the economy, with the short-term outlook of the Nigerian economy rated good.

“The Investors’ and Exporters’ (I&E) Window has helped to attract foreign capital investments into the economy, as well as foreign investors, who are committed to unlocking Nigeria’s economic potential.

“The restriction on 43 items that can be produced locally from accessing foreign exchange has not only improved the local production of the concerned items, but led to better utilisation of available foreign exchange,” he added.

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