The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, says the suspension of the issuance of foreign exchange (forex) to the Bureau De-Change operators has worsened the economic woes confronting the country.
Gwadabe, who disclosed this in a recent chat in Lagos, noted that Naira has further depreciated following the implementation of the CBN order banning sales of forex to BDCs.
He insisted that if this current policy is not reversed, it will worsen the country’s alarming unemployment situation.
Gwadabe noted that ABCONs concern is how CBN came up with such erratic decision and the fact that it came with criminalization, which is the major problem.
He said, “They do that from time to time, but I am not exonerating my members from some of the accusations, because I know what is happening, but you cannot sanitize a problem with another problem or rubbish. Definitely, that cannot yield the expected result.
“Haven known their modus operandi; which is to be using sledge hammer to kill a fly, this will not work in the present situation. Before you issue a statement, the CBN ought to have consulted with us and ask us to put our house in order, but it was not so.
“The implementation of this policy has brought untold hardship on the entire economy and Nigerians; it has also worsened the security situation as well as adversely affecting those that import raw materials and machineries, as the government alone does not have the capacity to sustain the provision of the required forex in the country.
“It is important to note that the policy has not achieved its intended purpose. Today, $1 US exchange for over N500, which cannot be reversed on the short run. So, there is an urgent need for the CBN to go back to the drawing board, consult with the BDC operators who they licensed, and proffer solutions together.”
According to Gwadabe, ABCON has over the years created over N300 billion assets in the economy judging by its capital base, stressing it has also created about 40,000 jobs over the years.