The Central Bank of Nigeria in its drive to improve the efficiency of the Nigerian foreign exchange market released a circular dated August 17 where it unveiled a new operational mechanism for Bureau de Change operators in Nigeria. In this interview with THE WHISTLER, Aminu Gwadabe, the National President of the Association of Bureau de Change Operators of Nigeria (ABCON), spoke on the impact of the new guideline on BDCs, the challenges of the policy, and how the policy will deepen liquidity in the market. EXCERPTS…
What it means for us is number one, streamlining the BDC operations in terms of the recognition of the BDCs and the compliance by the BDCs. You know the CBN set out to reform the market such that it will no more be business as usual. So, what it means for us as BDC operators is compliance with what is contained in the circular. You know we have issues of revoking licences and not revoking, and up till now, people cannot get a hold of what is the truth. Most importantly, they have given an anchor rate, which is a guide for the industry explaining how a BDC should act whether you are buying CBN money or not.
