By Peter Egwuatu
The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has decried multiple exchange rates existing in the Nigerian financial system and urged the Central Bank of Nigeria (CBN), to use Bureaux De Change (BDCs) to usher in stability in the forex market.
The CBN Operational Manual defines BDCs as small retail end institutions licensed to carry on the business of selling Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medical bills payment abroad among other roles at the critical retail end of the foreign exchange market.
However, the various policies of the CBN on the operation of the sub-sector continue to be inhibitive and limiting BDCs’ from providing their constitutional roles in the forex market and economy.
Gwadabe, therefore, called for collaboration between the BDCs and the CBN in the implementation of market-friendly policies that will make the BDCs impact more positively in the market and promoting exchange rate stability in the economy.
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