With the Naira depreciating against US dollar to close at N419/$ at the official market and N595/$ at the parallel market, the Association of Bureaux De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to establish BDCs’ autonomous foreign exchange trading window (BAFEX) to stabilize the market.
Speaking at the meeting, Aminu Gwadabe, ABCON president, said the creation of the BAFEX window is one of the strategies that the association came up with to save the naira from further decline and enhance exchange rate stability.
Gwadabe said the depreciation of the naira against global currencies was due to pressure from rising dollar demand without sufficient liquidity to meet the demands from retail end users, manufacturers and other key players in the economy.
The ABCON boss also requested enhancement of existing BDCs’ automation portals to file transaction returns on CBN/ABCON/NFIU/NIBSS portals for effective regulatory monitoring and supervision.
He sought the creation of an automation portal to encourage the registration of undocumented and unlicensed operators for effective monitoring, identification and tracking of their transactions.