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Forex suspension to BDC Operators, worsens nation’s economic quagmire

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The recently implemented policy of the Central Bank of Nigeria, which suspended the issuance of foreign exchange (forex) to the Bureau De-Change operators has been said to worsen the economic woes confronting the country.

The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, who disclosed this to the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Lagos, noted that Naira has further loss value to the US Dollar since the CBN started this implementation.

Gwadabe noted that ABCONs concern is that when CBN come up with such erratic decision, adding that it comes with criminalization, which is the major problem.

He said, “They do that from time to time, but I am not exonerating my members from some of the accusations, because I know what is happening, but you cannot sanitize a problem with another problem or rubbish. Definitely, that cannot yield the expected result.

“Haven knows their modus operandi; which is to be using sledge hammer to kill a fly, this will not work in the present situation. Before you issue a statement, the CBN ought to have consulted with us and ask us to put our house in order, but it was not so.

“The implementation of this policy has brought untold hardship on the entire economy and Nigerians; it has also worsened the security situation as well as adversely affecting those that import raw materials and machineries, as the government alone does not have the capacity to sustain the provision of the required forex in the country.

“It is important to note that the policy has not achieved its intended purpose. Today, $1 US exchange for over N500, which cannot be reversed on the short run. So, there is an urgent need for the CBN to go back to the drawing board, consult with the BDC operators who they licensed, and proffer solutions together.”

According the President, ABCON has over the years created over N300 billion assets in the economy judging by its capital base, stressing it has also created about 40,000 jobs over the years.

He regretted that if this current policy is not reversed, it will worsen the country’s alarming unemployment situation.

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