BDCs ask CBN to ban non-oil exporters from obtaining FX at official market

BDCs ask CBN to ban non-oil exporters from obtaining FX at official market

The Association of Bureau De Change Operators of Nigeria,
ABCON, has told the Central Bank of Nigeria, CBN, to ban non-oil export
domiciliary account holders from obtaining foreign exchange through the
official market.

 

ABCON’s president, Aminu Gwadabe, disclosed this in a
Thursday Lagos statement.

 

According to him, preventing non-oil export holders from
obtaining FX from the official window would help increase the availability of
dollars in the market and contribute to the growth of the country’s financial
reserves, thereby sustaining the Naira’s gains against the dollar.

 

“We, therefore, advise you to review the guidelines on
holding currencies on non-oil export accounts to a maximum of 48 hours to
borrow from the South African policy on the operations of non-oil exports
domiciliary account proceeds.

 

“The CBN should also not make applicants of huge billions of
dollars holding on their non-export oil proceeds Dom accounts eligible for fx
request at both the NAFEM and NAFEX window.

 

“In the same vein, we urge the CBN to upgrade its policies
and circulars to legislation regarding the impending new reforms of the BDCs.

 

“This is to give comfort and guarantees to would-be
investors in the transformation of the BDC industry’s sub-sector and allow only
the existing stakeholders, the grandfather’s right for merger and acquisition,
to meet the expected reviewed financial requirements as suggested by ABCON.”

 

Recall that CBN began the distribution of another $10,000 to
each valid BDC operator at a reviewed rate of N1,101 per dollar.

 

On Monday, the Naira continued its appreciation against the
dollar for over four weeks, which stood at N1,230.61 per dollar.

Source: BDCs ask CBN to ban non-oil exporters from obtaining FX at official market

 - NigerianEye
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