ABCON hails CBN on FX sale period extension
The Association of Bureau de Change Operators of Nigeria has commended the Central Bank of Nigeria for extending the foreign exchange sale period to its members until May 30.
ABCON president Aminu Gwadabe in Lagos on Monday, the move demonstrates the commitment of the CBN to stabilising the FX market.
According to him, it also promotes inclusiveness through the Electronic Foreign Exchange Matching System.
The CBN announced the extension in a circular signed by W. J. Kanya, acting director of the Trade and Exchange Department to BDCs.
The circular, titled ‘Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions’, shifts the previous deadline of January 31 to May 30.
It extends the temporary access granted to BDCs to the NFEM for purchasing FX from authorised dealers, subject to a weekly cap of $25,000.
Mr Gwadabe, however, expressed concern that banks failed to comply with the initial notice of the apex bank in December 2024, which instructed them to sell forex to BDCs.
He urged the deposit money banks to support CBN and comply with the directive.
“ABCON and its members indeed received the news as a good development. We considered it as part of the CBN efforts at ensuring continuity and its determination for the inclusiveness of our sub-sector in the EFEM Market.
“We, however, call on all money deposit banks to partner with CBN and our members in the implementation of this circular to ensure liquidity in the retail end sector and the naira’s ongoing stability.
“On behalf of my members, I extend my sincere gratitude to the CBN management for their flexibility and transformative leadership. I assure them that we will continue to serve as a vital third-leg mechanism, committed to eliminating volatility and narrowing the gap between the parallel market and the EFEM market,” he said.
(NAN)
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