The Association of Bureaux De Change Operators of Nigeria (ABCON) has solicited the support of the Central Bank of Nigeria (CBN) on the operations of its live exchange rate website as part of its current efforts to improve transparency and stability in the nation’s foreign exchange market.
In its just published Economic Review for Q3, 2018, the association noted that the daily publication of exchange rate on its naijabdcs.com platform had helped in buoying Naira exchange rate in the bureau de change subsector of the forex market during the quarter.
The ABCON stressed the need for sustained transparency through more operational disclosure in order to sustain the appreciation of the Naira in the BDC segment in the months ahead.
It stated: “The CBN should collaborate with ABCON, to enhance the operations of the www.naijabdcs.com in order to improve its impact in fostering transparency and stability in the foreign exchange market.
“The sub sectors will grow faster with the continued promotion of transparency through more operational disclosure. Confidence by multinationals and general public will be enhanced and regulatory functions will be efficient.
“Speculations and currency hoarding should be discouraged with the current exchange rate movements and volatile economic stance. Marginal gains and increase in foreign cash inflows through more organized marketing will be a good strategy for the current situation’’, the association added.
It reported further that during the quarter under review, the CBN sustained its weekly dollar sale of $60,000 per BDC, adding that with the transparency in the BDC subsector due to live exchange rate publication on ABCON’s exchange rate platform -www.naijabdcs.com, results in the appreciation of the Naira exchange rate in the BDC segment and relative stability of the naira in the general economy.
According to the association, the Naira appreciated by 50 kobo to N359.5 per dollar in the BDC segment in Q3 2018 from N360 per dollar in Q2 2018. But the naira depreciated by N2.6 in the Investors and Exporters window and by 63 kobo in the interbank foreign exchange market.
It reported further that on the Investors and Exporters Window, the indicative Naira exchange rate rose to N363.92 per dollar in Q3 2018 from N321.32 per dollar in Q2 2018.