Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), on Tuesday said that the low level of activities at the inter-bank sector was disturbing.
Gwadabe told the News Agency of Nigeria (NAN) in Lagos that the poor activities were disturbing due to the slow spike of the exchange rate.
He, however, attributed the poor pace to the understanding of most importers.
“Most importers may still be studying the workings of the flexible exchange rate and it may take some time for activities in that sector to peak.
“A new forex regime continues a cyclical spike in the exchange rate of any nation.
“Until now, there are not much activities at the interbank segment of the market,” Gwadabe said.
NAN reports that the CBN at the close of its last Monetary Policy Committee (MPC) meeting, opted for the liberalisation of the foreign exchange market.
The CBN towed this line in order to reduce the pressure on the foreign reserves, due to importers’ demand for the dollar.
The apex bank’s decision led to the issuance of the revised guidelines for the operation of the Nigerian interbank foreign exchange market, which became operational on June 20.
The naira since June 20 has exchanged for between N285, N284, N283 and N281 against the dollar at the interbank segment of the market. (NAN)
Leave a Reply