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BDC operators task Buhari on new exchange rate of N250 to a dollar

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BDC operators task Buhari on new exchange rate of N250 to a dollar

Bureaux de Change (BDC) Operators in the country have called on President Muhammadu Buhari to ensure that the US dollar exchanges for N250 in his second term in office.

The operators made the request in a statement by the President of the Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadebe, adding that a lower exchange rate would benefit Nigerians and help lift businesses.

Continuing, Gwadebe opined that such lower exchange rate would improve the transaction volume for BDCs by enabling operators to buy and sell more dollars from their available cash flow.

He is also of the view that a lower exchange rate against the greenback would stabilise the local currency, raise investors’ confidence, improve diaspora remittance flow and entrench fiscal discipline.

“A stronger naira would raise the Internally Generated Revenue, help in the implementation of the restriction of foreign exchange access to 42 items that could be produced locally and improve the BDCs’ capabilities to thrive”, Gwadebe said.

The ABCON boss also called on the Federal Government to constitute a new economic management team and review government’s performance in the last four years, adding that such review would give room for better performance in the second term of the administration, which would commence on May 29, 2019.

Read also: Nigerian banks lost N25bn to fraud in 5 years- Forensic auditors

Gwadabe, who noted that the economy was not performing up to expectations, said government was expected to re-strategise and review its performance in the last four years and develop concrete actionable strategies for better performance.

According to him, if the government waited till May 29 before setting up a think-tank economic team with functional experience on the economy, security, agriculture and human resource development, it would have wasted tangible time needed for a smooth take-off.

Gwadabe said that by now, the government should know where the complaints over its performance in the last four years came from and give priority to tackling unemployment, fixing road infrastructure, creating better investment opportunities for the people and companies as well as strengthening the financial sector, of which BDCs are key players.

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