• Saturday, May 25, 2024
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BDC operators distance group from devaluation of currency


The Bureau De Change operators in the country have distanced themselves from the call for a devaluation of the Nigerian currency.

Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), disclosed this at a sensitisation meeting with Chief executives officers (CEO) and directors of BDC in Lagos on Tuesday.

According to him, devaluation will not do any good more especially as there is a border regulation which has improved a lot of activity in the economy.

The Nigerian economy is still struggling with electricity in terms of its availability and also Nigeria still remain an import-dependent country while it battles infrastructure deficit, hence devaluing the naira would be distressing. “As far as the BDC is concerned the rate of the naira to a dollar is 360,” he said.

Speaking further he said, “We have learned of prediction of Afrinvest that there is going to be devaluation by 20 per cent in 2020. For us, we don’t think of any devaluation, yes unification of the various exchange is germane, but any discussion on devaluation as at a critical level of the economy should be completely discouraged,” he said.

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The association reiterated its commitment to improve the capacity of Bureau de Change and to evaluate the outcome of the assessment of the financial action task force and the central bank examination, while it also celebrated its achievements so far.

“So far, we want to celebrate a consistent 4 years of exchange rate stability and compliance in our operations which is why we are here to carry our people along and to evaluate our performance in terms of compliance and going forward in order to be effective in the foreign exchange market,” Gwadabe said.

Speaking on a petition sent to the Senate, he explained that they were forced to disclaim the petition because they were not involved. “We have a mutual and cordial relationship with the CBN and after coming a long way in terms of collaboration, we cannot start fighting with the CBN. That will not help the system the only thing is collaboration,” he also noted.

“To be fair, the CBN has opened its windows to us and we always have fruitful engagement with them. We are not involved with the petition and have not hired any lawyer to make a case for us.”

Given Nigeria’s federal government revenue challenges and its drive to boost revenue generation, the association claimed that they had improved tremendously in submitting audited accounts and that a lot of its members now know the implications of not rendering their audited account to the CBN and the FIRS.

The FG’s drive has also pushed the association to automate its operations and now have its members on the platform where they render their returns to the CBN from the comfort of their offices. This, according to Gwadabe is a major achievement so far.