{"id":27927,"date":"2021-02-07T14:08:22","date_gmt":"2021-02-07T13:08:22","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=27927"},"modified":"2021-10-07T00:24:05","modified_gmt":"2021-10-07T00:24:05","slug":"multiplicity-of-exchange-rate-inimical-to-nigeria","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/multiplicity-of-exchange-rate-inimical-to-nigeria\/","title":{"rendered":"Multiplicity of Exchange rate inimical to Nigeria"},"content":{"rendered":"<p>Anthony Areh<\/p>\n\n\n<p>The Association of Bureau de Change Operators of Nigeria (ABCON), says that the creation of multiple exchange rates by the Central Bank of Nigeria (CBN) was inimical to the nation\u2019s economy.<\/p>\n\n\n<p>Alhaji Aminu Gwadabe, ABCON\u2019s President, made the on Saturday in Lagos and said that such multiplicity would likely breed \u2018rent seeking, poor compliance and round tripping\u2019.<\/p>\n\n\n<p>\u201cThe concern of multiple exchange rates creates gaps, panic, and threat to the survival of the sub-sector.<\/p>\n\n\n<p>\u201cThe sustainability of the bureau de change sub-sector largely depends on a single exchange rate regime in the economy which would discourage incidences of speculation,\u201d he said.<\/p>\n\n\n<p>He, however, commended the Central&nbsp; Bank for outlining sanctions on International Money Transfer Operators who remit diaspora remittances in naira.<\/p>\n\n\n<p>\u201cThe measures would checkmate the diversions of diaspora proceeds\u2019 remittances into the unofficial market.<\/p>\n\n\n<p>\u201cThe measures would enable the CBN increase liquidity into the official window of the forex market, create transparency, market equilibrium and reduce illegal diversions.<\/p>\n\n\n<p>\u201cVolatility in the unofficial market would also be increased in the short run and stabilised in the medium term,\u201d he said.<\/p>\n\n\n<p>He said that the COVID 19 pandemic had affected the bureau de change sub-sector by disrupting supply sources to the operators and changing customers\u2019 behaviour towards more contact-less payment channels.<\/p>\n\n\n<p>\u201cThe good news is that it would enhance the creation of new products for global competitiveness,\u201d he said.<\/p>\n\n\n<p>The News Agency of Nigeria (NAN) recalls that multiple exchange rate regimes led to the emergence of different exchange rates in the three major segments of the foreign exchange market.<\/p>\n\n\n<p>The three major segments include the official market, investors and exporters window and the parallel market.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-27927\" data-postid=\"27927\" class=\"themify_builder_content themify_builder_content-27927 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>Anthony Areh The Association of Bureau de Change Operators of Nigeria (ABCON), says that the creation of multiple exchange rates by the Central Bank of Nigeria (CBN) was inimical to the nation\u2019s economy. Alhaji Aminu Gwadabe, ABCON\u2019s President, made the on Saturday in Lagos and said that such multiplicity would likely breed \u2018rent seeking, poor [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[581],"class_list":["post-27927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-exchange-rate","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multiplicity of Exchange rate inimical to Nigeria - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/multiplicity-of-exchange-rate-inimical-to-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multiplicity of Exchange rate inimical to Nigeria - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Anthony Areh The Association of Bureau de Change Operators of Nigeria (ABCON), says that the creation of multiple exchange rates by the Central Bank of Nigeria (CBN) was inimical to the nation\u2019s economy. 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