Enterprise Television- BDC Operators Hail Moves to Return Nigeria to JP Morgan Index
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.
Alhaji Aminu Gwadabe, ABCON President, disclosed that JP Morgan’s return to the Nigerian market would strengthen the inflow of foreign exchange (forex) in the country and also boost the Central Bank of Nigeria’s (CBN’s) chances of achieving its $60 billion foreign reserves target in 2018 in spite of any shock that may arise in the economy.
He also praised the CBN for introducing the Investor’ and Exporters’ (I&E) Forex Window which has since April 2017 attracted over $27.8 billion in turnover into the economy and brought about transparency as well as stability in the forex market.
Gwadabe added that It will create more opportunity for a genuine and transparent competition among forex operators and boost employment opportunities in the country as well as deepen the forex, naira and the equities markets.
The Federal Government is presently selling more foreign debt to help reduce the financing burden from paying double-digit yields on local-currency bonds. That would help free up funds to increase investment in infrastructure and spur economic growth.