By Naomi Uzor

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has  applauded the actions of the Central Bank of Nigeria in licensing 11 additional International Money Transfer Operators (IMTOs) to operate in Nigeria as part of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make FOREX readily available to low end users.

In their view, this policy will put price control and determination in a few hands and create an enabling environment for sharp practices within the forex parallel market.

In a statement by the President of NACCIMA, Chief Bassey Edem, said, the policy as contained in the said circular will constitute a disincentive to the beneficiaries of the inflow and they may consider other alternatives which could be counter productive and divert the inflows to unproductive ventures. This may lead to continuing increase in the price of the foreign exchange.

“It is our view that this policy will put price control and determination in a few hands and create an enabling environment for sharp practices within the forex parallel market. We counsel that beneficiaries of foreign currency proceeds be allowed to determine when they sell their proceeds and at what rate. This will create a situation of multiple supplier/sellers to meet the existing demand in the parallel market and relieve the pressure on the inter-bank window”

“As a leading member of the Organized Private Sector, our commitment remains the provision of an enabling environment for free enterprise and competitive markets that promote mobility of products, capital, labour and knowledge through simple, transparent and uniformly applied regulatory systems” he said.