The Association of Bureau De Change Operators of Nigeria has called for a review of the capital requirements set by the Central Bank of Nigeria .
The apex bank raised the capital requirement for tier-1 BDC operators from N35 million to N2 billion, while tier-2 operators are mandated to have a capital base ofThe approved guidelines, made after consulting with stakeholders in the sector, are expected to take effect on June 3.“The Bureau De Change sector has seen serious policy inhibitors.
Speaking on the volatility of the foreign exchange market, he said the weakening of the naira is caused by the unearned income pursuing the naira and not due to demand for the dollar.According to Gwadabe, some of the government policies aimed at tackling this were not feasible, adding that the exchange rate affects everything including migration and educational tourism.
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