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The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, has urged the Central Bank of Nigeria to review the capital requirements for BDCs.

Gwadebe said this in a statement made available to The PUNCH on Sunday, where he also hinged the rally of the naira on the reforms by the CBN.

In May, the CBN issued new operational guidelines for BDCs, which became effective June 3, directing all existing BDCs to re-apply for a new license according to their preferred categories (Tier 1 and Tier 2 BDCs) and meet the minimum capital requirement of the license category applied for within six months from the effective date of the guidelines.

He also called on the CBN to grant ABCON self-regulatory status to aid forward guidance of its members and adopt the operators’ IT platforms to entrench a tech-driven industry and boost transparency in market operations. He said that granting self-regulatory status to ABCON will enable the group to sanction erring operators on non-compliance and boost compliance with regulatory guidelines.

On the naira rally, Gwadebe said the current naira strengthened at both official and parallel markets, where the naira recorded a major comeback, exchanging officially at 1,474.78/$, one of its strongest positions in seven months. The naira equally rallied to N1,610 to a dollar at the parallel market over the weekend.

https://punchng.com/abcon-seeks-review-of-capital-requirements-for-bdcs/