Forex: ABCON Lauds CBN’s Directive To Commercial Banks

The Association of
Bureau De Change Operators of Nigeria (ABCON), has lauded the Central Bank of Nigeria’s directive to Deposit Money Banks (DMBs) to sell forex to BDCs.
President of the association, Alhaji Aminu Gwadabe, told our correspondent in Lagos that the directive would enhance liquidity flow within the economy.
Gwadabe, however, lamented that five days after the directive, no bank had sold forex to any BDC operator.
The Tide reports that the CBN on July 22 instructed Deposit Money Banks (DMBs) to commence the sale of forex to BDCs.
The CBN explained that the sale of foreign currency proceeds from international money transfer agents to BDCs would lead to greater stability in the foreign exchange market.
The apex bank added that the decision was also made to encourage critical stakeholders in the foreign exchange market to participate fully.