Forex: Coalition drums support for CBN over embargo on BDCs

From Ndubuisi Orji, Abuja

A coalition of youth groups and Non-Government Organizations has hailed the Central Bank Governor ( CBN), Godwin Emefiele, over the embargo on the supply of foreign exchange to Bureau De Change in the country.

The coalition, which consists of Council Ethnic Youth Leaders, African Centre for Justice and Human Rights and other Civil Society Organizations, has said the embargo is a step in the right direction.

The leader of the group, Meliga Godwin, who stated this at a press briefing, Abuja, said with the new policy foreign exchange will be more available to those, genuinely in need of it.

According to him, “with this new policy in place, the media and indeed the public should note that once a customer provides basic documentation to purchase FX, all banks must immediately meet that on demand or within a stipulated timeframe sell foreign exchange to the customer.

“This meets the basic requirements for documentation and regulation. It also makes Forex readily available to those who readily need it and out of reach for those who do not have genuine need for same.

“Nigeria until today was the only country in the world where the Central Bank sell Forex directly to BDCs. Is it not even strange that we waited this long before we joined the rest of the world? Should this bold step not be generally applauded rather than condemned?”