The Association of Bureaux De Change Operators of Nigeria , the umbrella body for over 5,3000 Central Bank of Nigeria -licenced Bureaux De Change has advised the CBN to de-risk BDCs operations to allow operators access foreign exchange from autonomous market in 2022 and beyond.
The BDCs, he added are ensuring order and confidence in the forex market, providing data for monetary policy, channels for CBN Intervention in Retail forex market and creation of over 15,000 jobs, among others. Gwadabe said the ABCON understands the challenges faced by the apex bank due to the dwindling foreign reserves, declining oil output and oil theft, Covid-19 induced economic pains, fiscal policy challenges, debt burden and election spending, which are making it difficult for the CBN to sustain weekly dollar interventions to BDCs.
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