The Association of Bureau De Change Operators (ABCON) has requested the exemption of excise taxes on foreign exchange...
Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced.
The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe has stated that the increase in capital requirements for BDCs from N35 million to N2 billion for Tier-1 BDCs is against international best practices.
Gwadabe said a huge rate gap of N300/$1 currently exists in the market.
Foreign exchange speculators are set to lose over N100 billion in the next one month as the CBN sustains massive funding for BDC operators.
ABCON has strongly warned foreign exchange speculators pushing for the forceful depreciation of the naira through their illegal activities.
ABCON has urged the Nigerian government to be cautious of France’s involvement in the Eco currency matter.
Some economists and financial experts have attributed the retention of the MPR at 13.5% by the CBN to late budget cycles.
