ABCON tasks CBN on forex stability in 2021

The Association of Bureaux De Change Operators of Nigeria (ABCON), on Tuesday, urged the Central Bank of Nigeria (CBN) to continue to stabilise the foreign exchange rates for economic growth.

Alhaji Aminu Gwadabe, ABCON President, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.

Gwadabe said that the association’s expectation for 2021 was for CBN to maximise choices to improve the value of naira.

“My advice is that the CBN should continue to expand the supply source of the buffers through deliberate and strategic plans in the Diaspora remittances.

“Emphasis should also be given to diversification to enjoy the full potential of the present Africa Continental Free Trade agreements.

“It should also partner relevant stakeholders on the adoption of newer technologies and digitisation of our Bureaux de Change sector for the growth of the economy.

“Finally, it should enhance intelligence base approach for effective monitoring and supervision of the market,’’ Gwadabe said.

According to him, the present strategies and tactics of diversification of sources of foreign exchange should be enhanced.

He called on the Federal Government to move from one source of oil proceeds to multiple sources, such as non oil export proceeds, the Diaspora remittances and sales of unprofitable assets.