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Home Markets Currencies

To save the naira, CBN should harness the BDCs – Gwadabe

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
October 9, 2021
in Currencies
As Naira crashes to N545/$1, BDC operators urge CBN to collaborate
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The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that in order to save the falling naira, the Central Bank of Nigeria should harness the BDCs.

Gwadabe disclosed this to Punch while speaking on how to solve the challenges of the falling value of the naira.

It would be recalled that recent policies of the CBN have affected the activities of the BDCs in the supply and distribution of forex in the country, hence Gwadabe’s consistent call for the apex bank to resume its working relationship with the BDCs.

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What the BDC President is saying? 

Gwadabe said, “My sincere advice for the continuous loss of confidence in the value of the naira is to harness the BDCs’ potential as a vehicle to attract diaspora remittance and enhance supplies in the market.

“The remittance sources are huge, cheap and engine of growth in the economy.”

He requested the Central Bank of Nigeria to evaluate and consider BDCs as payout agents of International Money Transfer Service Operators in the remittance market, as stated in the Central Bank of Nigeria’s 2014 guideline for BDC reforms.

What you should know 

  • In July 2021, the CBN governor banned the supply of forex to BDC operators in the country, as a result of various infringements by the operators against Nigeria’s monetary policies.
  • The CBN Governor, Godwin Emefiele, also announced a halt on the licensing of new Bureau De Change (BDC) operators and further processing of BDC applications for forex across the country.
  • Nairametrics reported that CBN policy on the discontinuation of sales of forex to Bureau de Change Operators has consequently resulted in massive job cuts with a possible capitalisation fade out of N300 billion, according to a statement by the ABCON President.
  • Online foreign exchange rate website, abokiFX, which is currently under investigation by the Central Bank of Nigeria (CBN), disclosed it will temporarily suspend rates on all its platforms, to find clarity on the situation.
Tags: BDCsforex
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 3

  1. Comr. Muhammad Dankasa says:
    October 9, 2021 at 9:54 am

    Dear Mr. Chairman ABCON : Sir believe me many of my kind in the parallel market await your response regarding the allegations of the CBN governor on our operator’s, it’s obvious you’re now lobbying for continues supply to BDCs even though we all know CBN was started supply USD to BDCS when it was N390/$ but that didn’t stop daily increase in $ rate to N490/$ at the time when the CBN governor decided not to continue just believe that your suggestion is misleading and not to the interest of the Country Nigeria but a usual self centered sentiment of the few elites as usual who benefit always from the wide range of difference as the nation suffers.
    Advice to CBN: I would love to give a suggestion that I believe can assist in reducing the way Nigerian Naira is suffering in hand’s of USD and other currencies but you in the position of authority always brag and think you know all turning deep ears always which is also assisting in doing more harm to the nation base on the policies you make and implement not on the nation’s interest but interest of few around you.
    May God almighty bless Nigeria
    Forward CBN
    Forward ABCON
    Forward Nigeria!!!

    Reply
    • Kingzy says:
      October 10, 2021 at 11:03 pm

      Well, you ended up not making any suggestion….?

      Reply
  2. Yisa jibowu says:
    October 12, 2021 at 7:46 pm

    Godwin Emefiele : the governor of central bank of Nigeria, does not care about the falling of naira. He should be fired just the way general brutal was fired. He is not good enough to handle the job as governor of central bank of Nigeria. He is just sucking ass. I repeat, Godwin should be fired.

    Reply

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