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BDCs seek implementation of 2014 circular on IMTO agency

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The operators of Boudreaux De Change (BDCs), in the country have appealed to the Central Bank of Nigeria (CBN), to restore its self-regulatory status to ensure effective coordination of the over 4,500 members.
 
Besides, they called on the apex bank to implement the provisions of its circular in 2014, by making BDCs direct agents of International Money Transfer Operators (IMTOs), as obtained in other countries.
 
The currency dealers, under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON), during their economic review for the fourth quarter of 2018, harped on the need for the restoration of the status for proper coordination.
 
“In as much as the regulatory bodies in Nigeria have realized the indispensable role that the BDC sub sector occupies in the stabilization of the currency in Nigeria, the sector should be further strengthened and developed to achieve greater systemic efficiency.
 
“To this end, the professional training institute for dealers and operators being promoted by ABCON should be given appropriate support by the regulators and members to key into the project.
 
“The CBN should implement its circular of 2014 for making BDCs direct agents of international money transfer operators as obtained in other climes. The CBN should revisit the suspension of ABCON as a self regulatory organisation for result oriented coordination of the over 4500 CBN licensed BDCs.
 
“CBN should support ABCON to increase public awareness and public visit to naijabdcs.com, the Association’s live exchange rate platform, which contributed immensely to the price discovery, transparency in the foreign exchange market and has become reference point for source of credible exchange rate information,” ABCON President, Aminu Gwadabe, said.
 
He however, called on BDCs to embrace the cloud base automation of operations initiated by the association for internal reorganisation, efficiency, global competitiveness and volumes driven transactions.He also charged BDCs to explore more sophisticated and dynamic marketing techniques in 2019 to track billions of foreign currencies floating within the economy and flowing into the “Black Market”, thereby incubating capital flight and money laundering.

Stressing the need to stabilise the exchange rate regime, he added: “The current structure encourages the economy comparatively to export and derive robust foreign reserve which is one of the major prerequisite for economic growth.”


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