12 March 2019

Nigeria: BDCs Pledge Support for CBN's Financial Stability Agenda

Bureaux de Change (BDC) operators under the Association of Bureaux De Change Operators of Nigeria (ABCON) have reinforced their support for the Central Bank of Nigeria's (CBN) financial stability and monetary policy functions.

In a release, ABCON President, Alhaji (Dr) Aminu Gwadabe, said the apex bank under Governor Godwin Emefiele has achieved financial stability and promoted monetary policy initiatives that have kept the economy on the right paths. He said CBN's sound monetary policy decisions have also impacted positively on the banking system and economy, adding that bank customers now have confidence in the financial system.

Gwadabe said the monetary policy decisions of the CBN have helped to lower inflation rate, boost foreign reserves and stabilized the Naira.

He said the local currency has been continuously strengthened by the CBN dollar/Yuan interventions and other policy initiatives.

"The monetary policy decisions, Anchor Borrowers' Programme and foreign exchange interventions are among the measures that brought inflation down from 17.2 per cent in April, 2017 to 11.37 per cent in January 2019. The CBN-led Monetary Policy Committee (MPC) has kept benchmark interest rate steady at 14 per cent for over two years to curb inflation and support the naira," he said.

He said CBN's registration of more International Money Transfer Operators (IMTOs) from 11 to 60 operators has also boosted Diaspora remittance inflows into the economy, adding that the short-term outlook of the Nigerian economy remains good.

He also applauded the CBN's initiatives, including the Investors' and Exporters' (I&E) Forex window, which has helped to attract foreign capital investment into the economy as well as foreign investors who are committed to unlocking Nigeria's economic potential.

Gwadabe said the CBN's restriction on 42 items that can be produced locally from accessing foreign exchange has not only improved the local production of the concerned items, but led to better utilization of available foreign exchange.

The ABCON boss also applauded the CBN's Anchor Borrowers programme, which has led to Nigeria's self-sufficiency in rice production, moving the country from a net importer of rice to a major producer of rice, supplying key markets in neighboring countries.

Nigeria

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