The Association of Bureaux De Change Operators of Nigeria (ABCON), has sought from the Central Bank of Nigeria (CBN), to be restored as a regulatory body.
This, according to the association, will ensure effective coordination of the over 4,5000 BDCs across the country. ABCON made this call in its Economic Review for the fourth quarter of 2018 released last week.
The association also called on the central bank to implement provisions of its 2014 circular which makes BDCs direct agents of International Money Transfer Operators (IMTOs), as obtained in other countries.
In order to ensure transparency in the foreign exchange market, ABCON enjoined the CBN to promote the association’s exchange rate platform.
“To this end, the professional training institute for dealers and operators being promoted by ABCON should be given appropriate support by the regulators and members to key into the project. The CBN should implement its circular of 2014 for making BDCs direct agents of international money transfer operators as obtained in other climes. The CBN should revisit the suspension of ABCON as a self-regulatory organisation for result oriented coordination of the over 4500 CBN licensed BDCs.
“CBN should support ABCON to increase public awareness and public visit to naijabdcs.com, the association’s live exchange rate platform, which contributed immensely to the price discovery, transparency in the foreign exchange market and has become reference point for source of credible exchange rate information.” ABCON maintained.
The historical background of ABCON dates back to 4th of February, 1997 when its registration was approved by the Corporate Affairs Commission (C.A.C).
It came into being from a vision of some bureaux de change operators numbering more than 50 in an attempt to create an environment of sanctity in the business of foreign exchange.
Hither-to, Nigeria was experiencing an economic recession which emanated from the restrictions placed on foreign exchange by a government policy named “Structural Adjustment Program” (SAP) prevalent in the ’80s.