BDCs ask CBN to ban non-oil exporters from obtaining FX at official market

The Association of Bureau De Change Operators of Nigeria,
ABCON, has told the Central Bank of Nigeria, CBN, to ban non-oil export
domiciliary account holders from obtaining foreign exchange through the
official market.

ABCON’s president, Aminu Gwadabe, disclosed this in a
Thursday Lagos statement.

According to him, preventing non-oil export holders from
obtaining FX from the official window would help increase the availability of
dollars in the market and contribute to the growth of the country’s financial
reserves, thereby sustaining the Naira’s gains against the dollar.

“We, therefore, advise you to review the guidelines on
holding currencies on non-oil export accounts to a maximum of 48 hours to
borrow from the South African policy on the operations of non-oil exports
domiciliary account proceeds.

“The CBN should also not make applicants of huge billions of
dollars holding on their non-export oil proceeds Dom accounts eligible for fx
request at both the NAFEM and NAFEX window.