ABCON Advocates BDC Engagement for Resolving Forex Crisis


The Association of Bureau De Change Operators of Nigeria (ABCON) has emphasized the imperative role of BDCs in alleviating the country’s ongoing forex crisis. In a statement issued by the President of ABCON, Aminu Gwadebe, it was proposed that empowering BDCs to engage in online dollar operations and act as Point of Sale (POS) agents would significantly enhance liquidity in the forex market, fostering a more stable exchange rate.

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Gwadebe stressed the necessity of permitting BDCs to access diaspora remittances through various autonomous forex channels, enabling smoother fund transfers for Nigerians abroad. Highlighting the pressing challenges faced by the forex market, he urged the inclusion of BDCs in devising sustainable solutions, asserting that their participation could effectively counteract the depreciation of the naira in both official and parallel markets.

While acknowledging the positive efforts of the Central Bank of Nigeria (CBN) in bridging the exchange rate gaps, Gwadebe reiterated the urgency of BDC involvement, as it could contribute to the creation of a highly liquid and stable forex market. Emphasizing the need for stringent enforcement of regulatory measures against non-compliance, he expressed concerns regarding the negative impact of unlicensed forex dealers and emphasized the importance of dissuading the public from engaging with these illegal operators.

ABCON’s recommendation serves as a call to action, underscoring the potential benefits of integrating BDCs into the resolution process for Nigeria’s persistent forex challenges.

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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