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CBN Forex Policy: BDCs Could Lose N300 Billion Capital

CBN Forex Policy: BDCs Could Loose N300 Billion Capital

Bureau de Change Operators could loose N300 billion as a result of the Central Bank of Nigeria’s (CBN) policy on the prohibition of sales of forex to Bureau de Change Operators. Jamb Results

PUNCH reports that this was disclosed by the President, Association of Bureau de Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe.

Recall that the CBN Governor made it clear that there would be no reversal in the bank’s policy concerning forex.

Nairametric reports that this policy has made the lucrative business of the BDCs battle for survival.

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According to the ABCON President, Alhaji Aminu Gwadabe, the policy has greatly affected the business of the forex operators, leading to the laying off of workers. Information Guide Nigeria

He stated, “The majority of the licensed BDCs are in dire zero of supply sources since the CBN policy on the discontinuation of sales of forex with the attendant consequences of job losses in several thousands of both direct and indirect employment with a capitalisation value of N300bn to fade away“.

In a report filed by Nairametrics, ABCON President called on CBN to review and consider BDCs becoming payout agents of International Money Transfer Services Operators in the remittance space as contained in their guideline of 2014 for BDCs reforms.

Check and Confirm: How much is Dollar to Naira Today    Pounds to Naira Today



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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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