BDCs

BDCs lobby CBN to make them diaspora remittance agents

The Association of Bureaux De Change Operators of Nigeria (ABCON) is urging the Central Bank of Nigeria (CBN) to make Bureaux De Change operators (BDCs) payout agents for diaspora remittances which is close to $25bn annually.

The President, ABCON, Alhaji Aminu Gwadabe, says the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.

He said this in a statement on Sunday titled ‘ABCON asks CBN to make BDCs payout agents for diaspora remittances’.

Gwadabe says this would help in providing a more convenient channel for Nigerians in the diaspora to remit funds back to the country to boost economic development.

He said BDCs remained the largest foreign currency operators in Nigeria, adding that making them payout agents for diaspora remittances would protect the market from forex cartel that refused to follow rules set by the apex bank.

He explained that such move would help in achieving market price equilibrium, give depth to the forex market, boost dollar liquidity in the market, enhance foreign reserves accretion and promote exchange rate stability.

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