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ABCON wants integration into Import Export forex window

ABCON wants integration into Import Export forex window April 30, 2018

The Association of Bureau de Change of Nigeria (ABCON) is recommending that the Central bank of Nigeria commences the process of integrating the BDC into the Import and Export (I&E) foreign exchange windows.

Alhaji Aminu Gwadabe, the president of ABCON in his quarterly address said: "Since the I&E window services the small and  medium scale liquidity needs for foreign exchange and BDC does the same, the decision will deepen the market and unify the exchange rate."
He cited the IMF working paper no WP/08/199, which observed that multiple exchange rate system created various economic distortions.
He said: "An equilibrium exchange rate under the unified market could increase trade openness to more than 20 percent from less than 1 percent measured by official statistics.
“The total efficiency loss caused by the current multiple exchange rate regime is estimated at about 14-17 percent of the country’s GDP."
ABCON also expressed concerned about the ripple effects of the forthcoming 2019 elections and the preceding campaign process, warning of possible capital flight.
He said the negative implication of the exit of portfolio investors from the local bourse is a major concern on the local currency’s continued stability.
He urged operators to adhere to all compliance guidelines for transparency operations, while advising users of foreign exchange to desist from patronizing the parallel market to avoid the risk of loss of their funds

Source: Daily Trust

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