The Association of Bureau De Change Operators of Nigeria, ABCON, has stated its readiness to go through the Central Bank of Nigeria, CBN, reforms in terms of reforming operations of the BDCs where necessary.
However, the Association called for training, retraining, awareness and sensitization of Bureau De Change Operators in Nigeria to empower them with the requisite knowledge and tolls needed to carry out their business effectively.
The Association made this call through its President, Aminu Gwadabe, in an interactive session with members of the Finance and Business Online Publishers, FiBOB last Tuesday in Lagos.
He commended the on-going reforms in the Industry but called for caution with regards to the N35 million capitalization base benchmark for members. N35 million according to him should not be used as benchmark adding that in Uk and Kenya, one doesn’t need huge capital to operate.
“Forex operations should not be for the highest bidder. Anybody that don’t want merger should be shown the way out. They have structure and the expertise to run the business”, he said.
BDCs being the gateway of the Financial Sector, the Association’s objective according to him is to ensure compliance with Anti-Money Laundering and Terrorism Financing Framework.
The ABCON president stated the vision of the association to be assisting in elimination of volatile exchange rate.
He however pointed out that most demand for Forex are not genuine and does not add value to the economy.
Gwadabe further stated that the Association is currently retooling its operations for optimum business transaction and efficiency. “We are linked up to DATA PRO and the NFIU to checkmate any terrorism financing as part of our KYC operations.
The ABCON chief further sought for increased collaboration between agency of government and the BDC, said there is greater need to allow the remittance flow through the BDCs to reach the grassroots.
“Collaboration with relevant financial agencies of government, like the CBN, NFIU, EFCC and FIRS amongst others, in creating awareness in illicit financing of terrorism, is a step in the right direction, as it will go a long way at ameliorating any incidences and further checkmating any BDC operator involved in undermining the Nigeria security system”, he added.
Speaking further on the recent suspension of its members, accused of undermining the system in the area of security, measures so far put in place by the regulatory body in sanitizing operations in forex dealings in the domestic economy, according to him is highly commendable.