TVC E. The flexible exchange rate inter-bank market policy being implemented by the Central Bank of Nigeria ( CBN ) is
still on trial and would soon make room for more stakeholders including Bureaux de Change (BDC) operators to participate, the CBN governor, has said.
Speaking during an interactive session between the BDCs and CBN on the new policy and state of the forex market on Wednesday, Emefiele said all hopes to include BDCs in the policy guidelines is not lost, while also acknowledging the impact of the policy on BDC businesses.
The broad framework and guidelines on the policy was released by the CBN on June 15 during which it restored the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
The apex bank said the workings of this market will be consistent with its objectives of enhancing efficiency and facilitating a liquid and transparent foreign exchange market.
Emefiele, who was represented by CBN Director, Financial Policy and Regulation Department, Anthony Ikem, said, “The CBN wants to accommodate and carry all stakeholders along. All that management is requiring for the BDCs is to be more patient. The new policy is being tested. Efforts will be made to see how the BDCs, which are critical to economic development, will be carried along.”
