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The Association of Bureaux de Change Operators of Nigeria, ABCON,is asking the Central Bank of Nigeria, CBN, to review the guidelines on holding currencies in non-oil export accounts.
ABCON suggested a maximum period of 48 hours, drawing inspiration from South African policy on non-oil export account operations.
ABCON President Dr. Aminu Gwadabe in a statement Thursday, expressed support for the CBN's directive to stop the use of non-oil export domiciliary account deposits for naira loans.
He also urged for the separation of the ownership and operating structure of FMDQ.
Gwadabe emphasized that stopping this practice would increase dollar liquidity in the market and contribute to the accumulation of foreign reserves.
Furthermore, Gwadabe recommended that applicants with large balances in their non-oil export accounts should not be eligible for foreign exchange requests at both the NAFEM and NAFEX window.
He also urged the CBN to update its policies and circulars to legally enforce the impending BDCs' new reforms, assuring potential investors in the BDC industry.
Gwadabe concluded by pledging ongoing support for the CBN's proactive policies to address market volatility.
