Experts in the Foreign Exchange Market have condemned the recent position of the National Assembly on the new guidelines for Bureau De Change operation in Nigeria issued by the Central Bank.
The Executive Secretary, Financial Markets Dealers Association, Mr. Wale Abe, who was a guest on Channels Television’s Business Programme, Business Morning, said that a situation where the National Assembly keeps questioning a decision taken by a regulator in the country was not in the interest of the economy as this would send wrong signals to the international investors.
Mr Abe said that the CBN should be allowed to exercise its rights and its part of the CBN’s right to regulate the foreign exchange market.
According to him, since the announcement of the new guideline, the pressure which has been on the Naira for some time has reduced.
He says that ultimately, if the new policy is allowed to stand, it will have a lot of positive impact on the forex market, including bridging the gap in the exchange rate in the official market and the parallel market.
