By The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to grant Bureaux De Change (BDC) operators digital autonomy in order to achieve exchange rate convergence.
In a statement issued on Sunday (September 10, 2023), Dr. Aminu Gwadabe, President of ABCON, appealed to the central bank to provide a no-objection approval for BDCs to fully embrace digitalization in all their operational processes.
Gwadabe emphasized that this strategic move would facilitate rate convergence, mitigate market volatility, and stimulate economic growth.
ABCON has a history of leading its members to achieve rate convergence in previous years, including 2006, 2009, and from 2018 to 2020, until the disruption caused by the COVID-19 pandemic in 2020.
Granting digital autonomy to BDC operators, Gwadabe noted, would result in a more accurate market rate determination, contribute to the successful implementation of the Federal Government’s harmonized foreign exchange rate policies, and enhance the effective monitoring of BDC transactions to ensure compliance with statutory and regulatory requirements.
He pointed out that, in addition to providing employment opportunities for over 40,000 individuals within the sector, digital autonomy would bring about transparency, accountability, and simplified oversight.
ABCON has been proactively engaged in implementing digitization reforms since 2016 to align with the CBN’s planned reforms on BDCs for technology compliance.
ABCON is now urging the CBN to further democratize and centralize digital operational processes for all BDCs by empowering all operators with the autonomy to transition to digital platforms.
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