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“The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,”is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.
According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure.
The CBN’s recent initiatives seem to have made a positive impact, as evidenced by the Naira’s recovery from an early March rate of ₦1,617 per dollar to ₦1,072 per dollar on April 17.
This move was part of a broader effort by the apex bank to enhance foreign currency accessibility for qualified end-users and stabilize the foreign exchange market.
Meanwhile, the Association of Bureaux De Change Operators of Nigeria (ABCON), has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation.
The sharp decline to ₦1,400 was attributed to fresh demand pressures, raising concerns among investors and the public regarding the effectiveness of the Central Bank of Nigeria’s (CBN) interventions in the forex market.
“Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.
“Unlike other countries like the United States, Britain, France and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy..
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