The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to implement provisions of its 2014 circular by making BDCs direct agents of international money transfer operators (IMTOs) as obtained in other countries.
It also sought the restoration of its status as a self-regulatory organisation (SRO) to ensure effective coordination of the over 4,5000 BDCs across the country.
Its Economic Review for the fourth quarter (Q4) of last year released at the weekend said: “In as much as the regulatory bodies in Nigeria have realised the indispensable role that the BDC sub-sector occupies in the stabilisation of the currency in Nigeria, the sector should be further strengthened and developed to achieve greater systemic efficiency.
“To this end, the professional training institute for dealers and operators being promoted by ABCON should be given appropriate support by the regulators and members to key into the project.
“The CBN should implement its 2014 circular for making BDCs direct agents of international money transfer operators as obtained in other climes.
“The CBN should revisit the suspension of ABCON as a self-regulatory organisation for result-oriented coordination of the over 4500 CBN licensed BDCs.
“CBN should support ABCON to increase public awareness and public visit to naijabdcs.com, the Association’s live exchange rate platform, which contributed immensely to the price discovery, transparency in the foreign exchange market and has become reference point for source of credible exchange rate information.”
ABCON also urged BDCs to embrace the cloud base automation of their operations it initiated for internal reorganisation, efficiency, global competitiveness and volumes driven transactions.
It also urged BDCs to explore more sophisticated and dynamic marketing techniques this year to track billions of foreign currencies floating within the economy and flowing into the “Black Market” thereby incubating capital flight and money laundering.