Economy

ABCON urges CBN to sustain robust FX policy in 2020

Published

on

News

The Association of Bureau De Change Operators of Nigeria (ABCON) on Thursday urged the Central Bank of Nigeria (CBN) to sustain its robust foreign exchange policy in 2020.

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

Gwadabe said that 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.

“For 2020, the robustness of the FX policy in 2019 should be sustained.

“The CBN should continue to be proactive in its policy formulation and direction,” Gwadabe said.

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.

NAN reports that 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.

Edited By: Buhari Bolaji/Wale Ojetimi

Short Link: https://wp.me/pcj2iU-2Ywe

Fabian Ekeruche

Fabian Ekeruche: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

16,000 jobs’ll be created when National Theatre’s renovation is completed – Official Gen. Joshua Dogonyaro, ex-CDS dies at 80 Death Coronavirus – Eritrea: Ministry of Health announcement (May 12, 2021) New board will run the National Theatre after renovations – GM Ogun Govt. restates commitment to quality health care Eid-el-Fitr: Ganduje urges Muslims to pray for peace Coronavirus – Nigeria: COVID-19 case update (May 12, 2021) Eid-el-Fitr: Orji Kalu advocates national cohesion Expert wants greater investment in food security Incentives for the production of the digital economy in Cameroon (by Achare Takor) Ex minister, Turaki urges Muslims to uphold Ramadan values, peace, unity, benevolence Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 12, 2021) Wet Season Farming: FG to distribute farm inputs to farmers Video press release: Weekly press briefing on the coronavirus epidemic Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 12, 2021) Marriott International opens 5-star hotel in Lagos Coronavirus – South Africa: COVID-19 Statistics in South Africa (May 12, 2021) Kogi governor lauds appointment of Obaje as NG-CARES coordinator COVID-19: NCDC records 1 death, 44 new infections AbdulRazaq appoints 41-year-old multimedia czar as Kwara Tv GM Sallah: Gov. Matawalle assures workers of job security Company Income Tax increases by N97bn in Q1, 2021- NBS Coronavirus – Kenya: COVID-19 update (May 12, 2021) De-escalation ‘an absolute must’ in Israel-Palestine conflict – UN Chief Coronavirus – Eswatini: COVID-19 daily update (May 12, 2021) NMA demands renewed effort to tackle insecurity Coronavirus – Rwanda: COVID-19 update (May 12, 2021) Eid-el-Fitr: PDP urges unity, patriotism to tackle national challenges NUPENG directs members to shut down services in Kaduna State Edo Assembly wants livestock farms registered JUSUN urges FG to deduct Judiciary funds from May FAAC Eid-el-Fitr: APC urges Nigerians to pray for country’s leaders, peace, unity WHO panel urges bold overhaul of pandemic prevention measures $540bn remittance flow reaches low-and-middle-income countries in 2020- WB Arsenal dent Chelsea’s Champions League push Kalu salutes Ekweremadu at 59 NECO: 115 inmates credit English, Maths in Enugu Infinix Releases Award Winning NOTE 10 Pro Series Powerful Performance. Iconic design Eid-el-fitr: Yahaya Bello calls for national integration Eid el-Fitr; Atiku wants Nigerians reflect on peace, unity Osinbajo graces Museveni’s inauguration in Kampala Managing mental health conditions among army officers Infant, two others die in gas explosion in Ogun Uzodimma dissolves cabinet, sacks 20 commissioners We don’t demand money from job seekers, NDLEA warns applicants VC assures of infrastructure development in UNICAL Basketball Africa League announces broadcast partners and fixture schedule ahead of inaugural season Eid-el-Fitri: Observe fire safety measures, Fire Service CG urges Nigerians Ourtv introduces sports channels for Extreme fighting, basketball Nizzolo wins the Giro d’Italia Maglia Ciclamino after biting his nails second in stage 5