ABCON Urges CBN To Sustain FX Policy In 2020

Yemisi Izuora

The President, Association of Bureau De Change Operators of Nigeria (ABCON),  Alhaji Aminu Gwadabe, has urged the Central Bank of Nigeria (CBN) to sustain its robust foreign exchange policy in 2020.

According to Gwadabe, the stability of the naira in the past months “was attributable to the doggedness of the CBN in maintaining a robust foreign exchange policy”.

He noted that the FX policy had impacted positively on the economy, thus, boosting investors’ confidence.

According to him, the past 30 months till now has witnessed adequate supply of forex in the market.

Gwadabe, while speaking recently said: “For 2020, the robustness of the FX policy in 2019 should be sustained, adding that “The CBN should continue to be proactive in its policy formulation and direction.”

The ABCON chief called for further import restrictions on the goods that could be manufactured locally.

Gwadabe urged the apex bank to continue to sustain the Import and Export (I&E) window and the BDC subsector as they play critical roles in making FX available.

The naira had remained stable at the parallel market, exchanging at N360 to a dollar, while it traded at N306 to a dollar at the official window.

The CBN Governor, Mr Godwin Emefiele, at the 54th Annual Bankers dinner in Lagos, had noted that the Apex bank had been able to maintain the stability of the naira through the $60 billion dollars inflow from the I &E window created in April 2017

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