BDC operators want CBN to enhance live exchange rate
The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to enhance the operations of its live exchange rate website in order to improve transparency and stability in the nation’s foreign exchange market.
According to a statement, the association made this call in its economic review for the third quarter.
It noted 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 BDC subsector in the Q3.
The report stated, “During the quarter, the CBN sustained its weekly dollar sale of $60,000 per the BDC. This coupled with the transparency in the BDC subsector due to live exchange rate publication on ABCON’s exchange rate platform — www.naijabdcs.com — helped to ensure appreciation of the naira in the BDC segment and relative stability of the naira in the general economy.
“According to the ABCON’s www.naijabdcs.com, the naira appreciated by 50 kobo to N359.5 per dollar in the BDC segment in the Q3 2018 from N360 per dollar in the Q2 2018.”
ABCON called for continued promotion of transparency through more operational disclosure to sustain the appreciation of the naira achieved in the BDC segment.
It said, “The subsector will grow faster with the continued promotion of transparency through more operational disclosure. Confidence by multinationals and the 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 organised 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.”