Abcon condemns cbn's new directive on forex
It seems like you're referring to a news article or a statement from the Association of Bureaux De Change Operators of Nigeria (ABCON) regarding the Central Bank of Nigeria's (CBN) new directive on foreign exchange (forex).
For those who may not be aware, the CBN recently issued a new directive on forex, which has been met with mixed reactions from various stakeholders in the Nigerian economy. The directive aims to improve the management of forex in the country, but some have expressed concerns about its potential impact on the economy.
The ABCON, which represents the interests of bureaux de change operators in Nigeria, has condemned the CBN's new directive, citing concerns about its potential to disrupt the forex market and negatively impact the economy.
Some of the concerns raised by the ABCON include:
- Lack of consultation: The ABCON claims that the CBN did not consult with stakeholders, including bureaux de change operators, before issuing the new directive.
- Unclear guidelines: The ABCON argues that the new directive lacks clear guidelines on how it will be implemented, which could lead to confusion and uncertainty in the forex market.
- Potential for forex scarcity: The ABCON fears that the new directive could lead to a shortage of forex in the market, which could have negative consequences for businesses and individuals who rely on forex for their operations.
- Negative impact on the economy: The ABCON believes that the new directive could have a negative impact on the economy, particularly in the short term, as it could lead to a decline in foreign investment and a reduction in the country's competitiveness.
Overall, the ABCON's condemnation of the CBN's new directive highlights the need for greater consultation and transparency in the decision-making process, as well as the need for clear guidelines and regulations to ensure the smooth functioning of the forex market.