• Friday, May 24, 2024
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BusinessDay

BDC operators back CBN’s move to fix FX market

Again, Customs slashes FX duty rate to N1,238/$

The Central Bank of Nigeria (CBN) has received backing from Bureau De’Change (BDC) operators to sanitise the sector and also address concerns surrounding the volatility in Nigeria’s foreign exchange (FX) market.

The move came amidst rising worries over illegal activities and market instability, prompting regulatory and enforcement bodies to intensify efforts to manage and control the situation.

Aminu Gwadabe, president of the Association of Bureau De’Change Operators of Nigeria (ABCON), emphasised the importance of engagement and partnership in finding solutions to the national crisis posed by the market’s volatility.

Expressing concern over the stigmatisation and criminalisation of licensed BDC operators, Gwadabe highlighted the need for clarity and understanding.

He clarified that licensed operators adhere to regulatory standards, operate from proper offices, and comply with necessary regulations.

Gwadabe reiterated the Association’s support for eliminating street trading in the FX market, emphasizing the importance of continuous engagement and collaboration with the CBN to implement reforms.

He outlined the Association’s recommendations for leveraging technology and automation to enhance transparency and efficiency in the FX market.

Gwadabe further urged all licensed BDC operators to operate within the confines of their licensed offices, cautioning against engaging in street trading.

He emphasized the importance of compliance with regulations and encouraged operators to embrace automation to enhance the integrity of the retail exchange market.

Gwadabe praised the CBN for its collaborative approach in addressing the issues affecting the FX market, expressing confidence that the joint efforts of the CBN, security agencies, and licensed operators will effectively tackle the challenges and bring stability to the FX market.