Emefiele’s re-appointment will sustain FX market stability – BDCs
The Association of Bureau De Change Operators of Nigeria (ABCON), on Friday said that the reappointment of Mr Godwin Emefiele as the CBN Governor for another term will sustain stability in the foreign exchange market.
ABCON’s President, Alhaji Aminu Gwadabe said this while reacting to the re-appointment of Emefiele for another five -year term by President Muhammadu Buhari, in an interview with the News Agency of Nigeria (NAN) in Lagos.
“The reappointment of Mr Godwin Emefiele is a good foundation to continuous foreign exchange market stability.The ABCON Exco and its entire members nationwide congratulate the CBN Governor on his reappointment,” Gwadabe said.
The ABCON chief noted that Emefiele had excelled in many ways which included, uniform exchange rates in the market, elimination of exchange rate volatility and the deepening of the foreign exchange market, with the introduction of multiple FX windows.
Other achievements by Emefiele included the diversification of the foreign exchange inflows through enhanced investors’ confidence/Diaspora remittances, reduction on the import dependence of the economy through several agricultural borrowers’ schemes and a ban on 42 items that could be readily produced in Nigeria.
The president added that the CBN chief was instrumental in formalising the informal retail foreign exchange market.
While congratulating the CBN boss for his achievements, Gwadabe stressed that ABCON expects the CBN governor to be as proactive as ever through robust engagements.
“We expect a continuous stakeholder’s engagement and the empowerment of BDCs for global best practices”.
We also expect a downward review of associated regulatory fees paid by BDCs and the upward review of the margin of BDC transactions.
“Ease of documentation requirements. The enhancement of ABCON’s self regulatory status as recommended by the Financial Action Task Force (FATF) recommendations for industrial trade unions,” he said.
Emefiele was first appointed as CBN Governor in February 2014 by former President Goodluck Jonathan.