By Ken Asinobi
Renowned administrator and economic strategist, Prince Dr. Ubani Ifeanyi, has voiced his support for the call by the Association of Bureau de Change of Operators of Nigeria (ABCON) to be involved in plans to strengthen the Naira.
Prince Ubani who is the Executive Director of the British Nigeria Business Network (BNBN), said that by working in harmony with the Central Bank of Nigeria (CBN)’s goals, ABCON could contribute to the stabilization of the forex market, which, in turn, could have a positive domino effect on various
sectors within the Nigerian economy, including trade, investment, and
overall economic growth.
He emphasized that while the idea
may have significant implications, it could pave the way for a more
transparent and efficient foreign exchange landscape.
“Allowing online and PoS transactions by ABCON could introduce more
transparency and efficiency to the foreign exchange market”, Prince
Dr. Ubani Ifeanyi stated.
He went on: “It could provide increased access to foreign currency for individuals and businesses, thereby reducing the reliance on the parallel market and minimizing speculation.”
Ubani further stated that the potential benefits of this move extend beyond merely streamlining currency exchange processes.
In addition, Prince Dr Ubani said that a more stable forex market could bolster trust in the monetary system and stimulate interest from foreign investors, potentially injecting much-needed foreign capital into the Nigerian economy.
This, in turn, has the potential to boost Nigeria’s standing as an attractive investment destination.
The economic strategist who oversees the British African Business Alliance UK (BABA) as Country Representative, however believes that granting these privileges should be executed cautiously.
His words, “It is crucial to evaluate the credibility, transparency, and regulatory compliance of the Association of Bureau de Change to ensure that the move is in the best interest of the
Nigerian economy. Proper oversight and monitoring mechanisms should be
put in place to prevent any misuse or fraudulent activities”.
While the potential for positive change is immense, the CBN and regulatory authorities must ensure that the association is fully committed to compliance and transparency before allowing these expanded powers.
Concluding, Ubani said the proposal made by ABCON to engage in online and PoS transactions, represents a significant step towards increasing the
stability of the forex market in Nigeria.
“Should these conditions be met, the implementation of online and PoS transactions by ABCON could herald a new era of financial transparency and economic growth in Nigeria”, he posted.