Business

Forex crisis: BDCs to CBN, allow us carry out online dollar operations, receive diaspora remittances

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to allow BDCs to carry out online dollar operations and Point of Sale (POS) agency as part of measures to boost liquidity in the forex market and ensure exchange rate liquidity.


ABCON also urged the apex bank to give regulatory approvals to allow BDCs have access to diaspora remittances, like receiving International Money Transfer Operators (IMTOs) proceeds.


This was made known in a statement issued by the President of ABCON, Aminu Gwadebe, where he noted that full participation of BDCs in the retail segment of the foreign exchange market will help achieve a stable, strong, and virile exchange rate.