The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDC) operators payout agents for the Diaspora remittances.
Alhaji Aminu Gwadabe, ABCON President, gave the advice at the group’s Annual General meeting (AGM) held virtually on Wednesday in Lagos.
The theme of the AGM was : “BDC Operations: A Trillion Naira Sub-Sector, Issues of Formalisation, Regulations and Way Forward.”
Gwadabe said that if investors and Diaspora remittance senders were allowed to interact freely with the BDCs, the exchange market liquidity would be stronger. x
“ABCON suggests to the CBN to make the BDCs Diaspora remittances pay agents.
Views: Visits 10
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDC) operators payout agents for the Diaspora remittances.
Licensed BDCs sub-sector hits N1trn annual turnover in Nigerian economy ― ABCON tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
Clampdown on BDC operators: X-raying effects on northern economy
On
By Kennedy John
The importance of Bureau De Change, BDC, operators in Nigeria’s Foreign Exchange, FX, market can’t be overemphasised.
In a dollar-dependent economy such as ours, their existence and operations have become part of the main arteries that keep the economy running.
Ever since the entry of BDC operators in the financial space, the FX system has been broadened, leading to improved access to foreign currencies.
It is important to note that the origin of BDC could be traced to the period Alhaji Abdulkarim Ahmed was the governor of the Central Bank of Nigeria. Hence the legal backing they enjoy from the CBN..
Effect of clampdown on BDC operators on economy - By: dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.