BDC owners condemn calls for devaluation of naira

A group under the aegis of Bureau De Change Owners, has condemned the incessant pressure for further depreciation of the naira by international organisations.

Rising from its maiden forum in Lagos, the BDC owners pledged to support the Central Bank of Nigeria (CBN) to ensure continued stability of the naira.

The decision, according to them, followed deliberations on recent developments in the BDC sub-sector in particular and the foreign exchange market in general.

Identifying the need for professionalism among BDC operators, the group pledged to strengthen the Association of Bureaux De Change Operators of Nigeria (ABCON) to institute a robust supervision and sanction regime in the segment.

To complement this, the Forum decided to set up a taskforce on compliance and ethics for the industry.

Disclosing the outcome of the meeting to the press, the Managing Director/Chief Executive Officer, Sabil BDC, Alhaji Aminu Gwadabe, said: “The Forum also resolved to hold monthly meetings that must be attended strictly by BDC Owners with the aim of reviewing developments in the subsector.

“As part of measures to strengthen capacity building in the industry, the Forum resolved to introduce an annual two days mandatory training for a director and manager from each BDC. The Forum also resolved to set up sub-committees on various issues to encourage industry-wide participation of BDC operators on issues pertaining to the business of BDC.