In a bid to boost the capacity of Bureau De Change operations in the country, the Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).
The association is also recommending merger for its members in order to boost their capacity to handle diaspora remittances or any other funds sent from abroad and channel the foreign exchange to shops and small businesses.
The President of ABCON, Aminu Gwadebe who disclosed this noted that the move was part of the moves to build up capacity of their operations and possibly reduce the number of operators.
Aminu said that the association asked for consolidation whereby some BDCs can merge and also noting that this is mechanism like they did in the banks in 2004 when they were consolidated.
The ABCON President said, ‘’we asked for a merger, consolidation, like 10 BDCs coming together to fund the N350 million proposed minimum capital requirement to reduce the number of BDCs. It is better because we are doing nothing just because they said we are too many, so is it not better to merge and we are doing business, so that we can form capacity.’’
Meanwhile, United States Dollar is being traded at N950 in Black Market in Lagos on Wednesday, September 13, 2023.
