The Association of Bureau De Change Operators of Nigeria (ABCON) is confident that the Nigerian economy will benefit from increased diaspora remittances once the Central Bank of Nigeria (CBN) fully implements the integration of Bureau De Change (BDC) operators into the Investors and Exporters (I&E) window, as reported by MarketNewsNG.
ABCON President Aminu Gwadebe expressed gratitude to the CBN for the new policy. He highlighted that the integration will enable BDC operators to act as agents of International Money Transfer Operators (IMTOs), granting them access to autonomous windows of banks and e-money products. Gwadebe emphasized that the CBN’s efforts to educate and sensitize BDC operators are contributing to cleaning up their practices.
Gwadebe noted that while the integration is a positive step, further clarifications on the roles of BDCs in the I&E window are necessary. He believes that such clarifications will help minimize market volatility and enhance stability.
Under the new policy framework introduced by the CBN, the spread on buying and selling by BDC operators will fall within a permissible range of -2.5% to +2.5% of the Nigerian Foreign Exchange market window’s weighted average rate from the previous day. Additionally, BDC operators are now required to submit periodic financial reports.