…Says it Would Reduce Pressure on Parallel Market
[dropcap]B[/dropcap]an of importation of used vehicles via land borders has been applauded by Bureau de Change operators in the Nigeria, saying it would reduce pressure on FOREX at the parallel market.
Chairman of Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, who made this known in Lagos last week, when answering questions from newsmen, described the restriction order as a bold step on the part of the present administration.
According to him, due to importation of used via land borders, neighbouring countries have relied on Nigerian economy for their FOREX need.
Commending the Federal government for recent moves to stabilize the nation’s economy and shore up the value of Naira, Gwadabe stressed: “The restriction of used vehicles on our porous land borders will reduce pressure in the parallel market.”
“Due to Central Bank of Nigeria’s ability to ensure that all licensed BDS had access to the proceeds of International Money Transfer Operators (IMTOs),” he pointed out, “Naira has been reasonably stable, exchanging at N485 to a dollar.
“And presently, over 2500 BDCs access 8000 dollars every week.”
The ABCON president added that the used vehicle import restriction order, when effective, will assist the Naira and indeed the economy.
It would be recalled that the Federal government, on December 2nd announced a ban on importation of vehicles through land borders, effective from January 1st 2016.
Despite pressure from upper and lower legislative chambers and certain critics across the country, President Muhammadu Buhari-led administration has resolved to go ahead with the order, as according to insider source, due consultations were made before coming up within the order.