Money traders back Emefiele’s 2nd term appointment, seeks reform of associated regulatory fees

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A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. Nigeria’s central bank is expected to make an interest rate decision this week. REUTERS/Joe Penney/File

The Association of Bureau De Change Operators of Nigeria (ABCON), on Friday said that the reappointment of Mr Godwin Emefiele as the CBN Governor for another term will sustain stability in the foreign exchange market.

ABCON’s President, Alhaji Aminu Gwadabe said this while reacting to the re-appointment of Emefiele for another five -year term by President Muhammadu Buhari, in an interview with newsmen in Lagos.

“The reappointment of Mr Godwin Emefiele is a good foundation to continuous foreign exchange market stability.

“The ABCON Exco and its entire members nationwide congratulate the CBN Governor on his reappointment,’’Gwadabe said.

The ABCON chief noted that Emefiele had excelled in many ways which included, uniform exchange rates in the market, elimination of exchange rate volatility and the deepening of the foreign exchange market, with the introduction of multiple FX windows.

Other achievements by Emefiele included the diversification of the foreign exchange inflows through enhanced investors’ confidence/Diaspora remittances, reduction on the import dependence of the economy through several agricultural borrowers’ schemes and a ban on 42 items that could be readily produced in Nigeria.

The president added that the CBN chief was instrumental in formalising the informal retail foreign exchange market.

While congratulating the CBN boss for his achievements, Gwadabe stressed that ABCON expects the CBN governor to be as proactive as ever through robust engagements.

“We expect a continuous stakeholder’s engagement and the empowerment of BDCs for global best practices.

We also expect a downward review of associated regulatory fees paid by BDCs and the upward review of the margin of BDC transactions.

“Ease of documentation requirements.

“The enhancement of ABCON’s self regulatory status as recommended by the Financial Action Task Force (FATF) recommendations for industrial trade unions,’’ he said.

Naija247news reports that Emefiele was first appointed as CBN Governor in February 2014 by former President Goodluck Jonathan. (NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.