Grant BDCs Digital Autonomy, ABCON Urges CBN
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria to grant Bureaux De Change operators (BDCs) digital autonomy to achieve exchange rate convergence.
In a statement on Sunday, the President, ABCON Dr. Aminu Gwadabe, called on the apex bank to grant a no-objection approval for the BDCs to fully go digital on all their operational correspondences.
He said the move would promote rate convergence, curb volatility in the market and promote economic growth.
ABCON had in the past, led its members to achieve rate convergence in 2006, 2009, 2018 to 2020 before the outbreak of COVID-19 in 2020, he said.
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Granting digital autonomy to the operators, he noted, would lead to a true market rate discovery, enhance the achievement of the Federal Government harmonised foreign exchange rate policies, and promote effective monitoring of BDCs’ transactions for statutory and regulatory requirements.
He said aside from providing employment for over 40,000 employees within the sector, digital autonomy for operators would usher in transparency, accountability and ease of supervision.
“As a proactive organisation and an umbrella body of CBN, licensed BDCs, and in line with the CBN planned reforms on BDCs for tech compliance, ABCON started various digitisation reforms since 2016 to date for licensed operators,” he said.
According to ABCON, now was the time for the CBN to democratise and centralise digital operational mechanism for all BDCs, by granting all operators the autonomy to go digital.