Bureaux de change operators reject new cbn forex policy

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Bureaux de Change Operators Reject New CBN Forex Policy

The Association of Bureaux de Change Operators of Nigeria (ABCON) has rejected the new foreign exchange (forex) policy introduced by the Central Bank of Nigeria (CBN). The policy, which was announced on July 24, aims to liberalize the forex market and increase the availability of foreign exchange to individuals and businesses.

According to the CBN, the new policy allows for the sale of foreign exchange to individuals and businesses at the official rate of N360 to the US dollar, while also allowing for the sale of foreign exchange at the interbank market rate. The policy also allows for the use of foreign exchange for the importation of goods and services.

However, the ABCON has rejected the policy, citing concerns that it will lead to a shortage of foreign exchange in the market. The association also expressed concerns that the policy will lead to a devaluation of the naira and increase the cost of doing business in Nigeria.

The ABCON also accused the CBN of not consulting with the association before introducing the policy, and of not providing adequate information on how the policy will be implemented.

The rejection of the policy by the ABCON is likely to have significant implications for the Nigerian economy, as the association represents a significant portion of the country's foreign exchange market. The policy is also likely to have an impact on the country's inflation rate, as a shortage of foreign exchange could lead to a decrease in the availability of goods and services.

It is worth noting that the CBN has not commented on the rejection of the policy by the ABCON, and it is unclear at this time whether the policy will be implemented as planned.