The Association of Bureau De Change Operators of Nigeria (ABCON) is soliciting the support of the Central Bank of Nigeria (CBN) to enhance the operations of its live exchange rate website, in a move aimed at improving transparency and stability in the nation’s foreign exchange market.
The Association made the call during its Economic Review for the third quarter of the year, noting that the daily publication of exchange rate on its naijabdcs.com platform played a huge role in the marginal appreciation of the Naira in the bureau de change sub-sector in the period.
“During the quarter, the CBN sustained its weekly dollar sale of $60,000 per BDC. This, coupled with the transparency in the BDC sub-sector, due to the live exchange rate publication on platform, helped to ensure the appreciation of the Naira in the BDC segment and relative stability in the general economy.
“The Naira appreciated by 50 kobo to N359.5 per dollar in the BDC segment in Q3, from N360 per dollar in Q2. But the Naira depreciated by N2.6 in the Investors and Exchange (I&E) and by 63 kobo in the interbank foreign exchange market,” the President of ABCON, Aminu Gwadabe, said.
To sustain the appreciation of the Naira achieved in the BDC segment, ABCON called for continued promotion of transparency through more operational disclosure.
“The sub sectors will grow faster with the continued promotion of transparency through more operational disclosure. Confidence by multinationals and general public will be enhanced and regulatory functions will be efficient.
“Speculations and currency hoarding should be discouraged with the current exchange rate movements and volatile economic stance. Marginal gains and increase in foreign cash inflows through more organized marketing will be a good strategy for the current situation. “The CBN should collaborate with ABCON, to enhance the operations of the www.naijabdcs.com in order to improve its impact in fostering transparency and stability in the foreign exchange market”, the association added.