ABCON urges CBN to make BDCs Diaspora remittances agents | The Guardian Nigeria News


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.

“ABCON suggests to the CBN to make the BDCs Diaspora remittances pay agents.

“The CBN introduced the Investors and Exporters (I&E) Window which allows foreign investors to freely bring their funds into the economy at a rate of their choice.

“A similar plan was implemented by the CBN in 2016/2017 and the impact was massive in boosting foreign capital flows to…

Source: Guardian Newspaper