Bureau de change operators urge next president to prioritize foreign exchange management and SME financing

BUREAU DE EXCHANGE (BDC) operators are calling on the next President of Nigeria in 2023 to prioritize foreign exchange market liberalization and financing for small businesses.

According to them, this will put the economy back on the path to growth and create wealth for the unemployed.

Speaking to TheICIR following the political parties’ concluded presidential primaries, BDC Chairman Aminu Gwadabe said the shortage of foreign exchange had caused people to divert their funds to commercial spaces unaffected by cash needs. currencies.

Gwadabe said, “I am not a student of naira devaluation. The most important thing is to avoid volatile exchange rates. This drives investors away. Most successful economies don’t operate with volatile exchange rates. You cannot have a stable exchange rate without sufficient liquidity.

He said if the country had a stable exchange rate, speculators would be out of work, while urging the Central Bank of Nigeria (CBN) to liberalize the market with a window that would satisfy all customers.

Speaking on one of the measures he said would ensure a stable exchange rate, he said: “We have advised a stand-alone BDC FX trading window. This will keep the exchange rate stable. The CBN should create a window for the critical retail end market.

He stressed the importance of government support to small businesses with technical knowledge and finance to expand their businesses.

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“Our policies must support the financing of small and medium-sized enterprises. In Canada, for example, there is a loan program for black entrepreneurs. It comes with a technical knowledge model for the entrepreneur before the loan,” he said.

Gwadabe also called for who would succeed President Muhammadu Buhari to consider the sale of redundant assets spread across the country.

He noted that such a move would provide the government with alternative funds for its projects, rather than resorting to borrowing.

He said, “If the government cannot maintain its redundant projects, it should sell them and use the money to fund its projects. Our debt profile is increasing. Currently, it is over N41 trillion. Keeping redundant assets is not good.

He said Nigeria urgently needs a leader who understands the economy and can restore confidence in security.

According to him, Nigeria needed experienced businessmen, regardless of their political leanings.

“We are in an economy that currently needs a turnaround. We need people who understand economics.

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“Political parties should look to people who are professional and competent, and who have the ability to turn the economy around. We need a productive economy. There must be a paradigm shift on the economy,” he postulated.

He stressed the importance of maintaining coherent economic policies to increase investor confidence.