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GWADABE CALLS ON THE CBN TO USE BDCS TO ELIMINATE EXCHANGE RATES AND IMPROVE MARKET STABILITY
Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has asked the Central Bank of Nigeria (CBN) to utilise Bureaux De Change in stopping and ushering in currency market stability.
Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has asked the Central Bank of Nigeria (CBN) to utilise Bureaux De Change in stopping and ushering in currency market stability.
BDCs are small retail end institutions licensed to sell Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medical bills payment, at the critical retail end of the FX market, according to the Central Bank of Nigeria (CBN) Operational Manual.
However, on the functioning of the sub-sector remains restraining. and hinder BDCs' ability to fulfill their constitutional functions in the forex market and economy.
Gwadabe said for coordination between the BDCs and the CBN in the adoption of market-friendly policies that would increase the BDCs' effect in the market and support stability. The ABCON CEO stated that the hasty generalization that criminalizes the BDC sub-sector as being responsible for all market crises and infractions such as selling dollars at higher premiums than the regulatory limit, promoting loss of confidence in the near future, and promoting multiplicity of exchange rates is not in the best interests of the market and economy.
Read the Complete article below:
Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has asked the Central Bank of Nigeria (CBN) to utilise Bureaux De Change in stopping and ushering in currency market stability.
Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has asked the Central Bank of Nigeria (CBN) to utilise Bureaux De Change in stopping and ushering in currency market stability.
BDCs are small retail end institutions licensed to sell Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medical bills payment, at the critical retail end of the FX market, according to the Central Bank of Nigeria (CBN) Operational Manual.
However, on the functioning of the sub-sector remains restraining. and hinder BDCs' ability to fulfill their constitutional functions in the forex market and economy.
Gwadabe said for coordination between the BDCs and the CBN in the adoption of market-friendly policies that would increase the BDCs' effect in the market and support stability. The ABCON CEO stated that the hasty generalization that criminalizes the BDC sub-sector as being responsible for all market crises and infractions such as selling dollars at higher premiums than the regulatory limit, promoting loss of confidence in the near future, and promoting multiplicity of exchange rates is not in the best interests of the market and economy.
Read the Complete article below:
GWADABE CALLS ON THE CBN TO USE BDCS TO ELIMINATE EXCHANGE RATES AND IMPROVE MARKET STABILITY
Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has asked the Central Bank of Nigeria (CBN) to utilise Bureaux De Change in stopping and ushering in currency market stability.
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