Bureau de Change, BDC, operators have praised the Central Bank of Nigeria, CBN, for waiving the 2025 licence charges for operators.
They spoke below the aegis of the Association of Bureau de Change Operators of Nigeria, ABCON.
The President of the affiliation, Dr Aminu Gwadabe, gave the commendation on Wednesday in an interview with the News Agency of Nigeria in Lagos.
Mr Gwadabe thanked the administration of the apex financial institution for waiving the annual licence renewal payment, which he described as an amnesty prolonged to his members.
According to him, the transfer underscores the CBN’s dedication to implementing the brand new monetary capitalisation necessities for BDCs.
These embrace a capital requirement of N500 million for Tier 2 operators and N2 billion for Tier 1 operators.
Mr Gwadabe urged his members to merge and meet the brand new capital necessities earlier than the prolonged deadline of June 2025.
“We are willing to continue to collaborate, cooperate, and comply with extant rules and regulations,” he mentioned.
He additionally appreciated the CBN’s launch of the Nigeria Foreign Exchange (FX) Code, designed to advertise moral conduct amongst sellers out there.
Mr Gwadabe acknowledged: “It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions.”
However, he expressed issues that banks haven’t been complying with the CBN’s directive to promote {dollars} to BDC operators since September 2024.
He famous that this was regardless of the optimistic affect of the announcement available on the market.
NAN studies that the apex financial institution permitted the waiver of the 2025 annual licence renewal payment for all current BDC operators on Tuesday in Abuja.
The waiver utilized to all current operators and took instant impact.
The directive was communicated in a round directing the implementation of the Regulatory and Supervisory Guidelines for Bureau de Change Operations in Nigeria in 2024.
Mr Gwadabe mentioned that ABCON, because the umbrella physique of licensed bureaux de change operators and a self-regulatory organisation, performs a vital function within the retail FX sector of the market.
According to him, this function makes the affiliation a bridge between regulators and safety businesses.
He mentioned the affiliation was dedicated to making sure that its members at all times fulfil their function out there by facilitating efficient and clear demand-utilisation transactions.
He added that this mechanism was essential for the apex financial institution’s clean working of the FX market.
“We are willing to continue to collaborate, cooperate, and comply with extant rules and regulations,” he mentioned.
NAN