CBN should make BDCs direct agents of IMTOs — ABCON

ASSOCIATION of Bureaux De Change Operators of Nigeria, ABCON, has called on the Central Bank of Nigeria, CBN, to implement provisions of its 2014 circular which makes BDCs direct agents of international money transfer operators, IMTOs, as obtained in other countries.

The association also called for the restoration of its status as a self-regulatory organization, SRO, in order to ensure effective coordination of the over 45,000 BDCs across the country.

The association made this call in its Economic Review for the fourth quarter of 2018 (Q1’18) released last week, saying: “In as much as the regulatory bodies in Nigeria have realized the indispensable role that the BDC sub sector occupies in the stabilization of the currency in Nigeria, the sector should be further strengthened and developed to achieve greater systemic efficiency.

Vanguard, January 28, 2019

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