ABCON urges BDC operators  to adhere to CBN guidelines


…begins training of 750 members in Abuja

By Matthew Denis, Abuja

In a bid to ensure smooth transactions without rancour with the regulator, Bureaux De Change (BDC) Operators have been cautioned to operate within the fulcrum of the Central Bank of Nigeria (CBN) guidelines.

The National Vice President of the Association of Bureaux De Change Operators of Nigeria ( ABCON), Mr. Azubuike Igbokwe  gave the advice as the association launched training of her members Nationwide in Abuja yesterday.

The training which had commenced in Lagos for South West zone last week recorded about a thousand of members participating in the Abuja programme to captured for the North Central zone.

Speaking to Nigerian NewsDirect shortly after the the training the Vice President said, “the training is part of the core responsibility of ABCON to further enlighten the members on the nitty gritty of the business in accordance with CBN directives.

“We conduct this kind of training from time to time for human capital development as one of our primary roles is to assist the Apex bank to ensure price stability in the exchange market. To that extent we distribute dollars to Nigerians to retail end users at the approved CBN rate for PTA, BTA, medical among others.”

According to him their members are trained by staff of CBN on functions that they are expected to carry out and things that they are not expected to do.

Mr. Igbokwe noted that the about 750 members were captured for the Abuja programme and certificate of participant would be awarded to them.

Speaking Earlier, Mr. Dalhatu Abubukar from CBN who spoke on Code of Corporate Governance stressed that the Apex bank licensed the BDC to provide access to foreign exchange for small scale users, management of exchange rate and to ensure accountability, transparency and feedback from all the stakeholders.

He urged the BDC operators to continue to operate within the provision of the law to assist the CBN achieve its primary objective of licenship.

Abubukar emphasized that the Apex bank will maintain  partnership with the BDC as important players in the management of exchange rate and provide Economic dates for monetary policy decision.

He however warned BDC operators to desist from round tripping which is the importation of goods and services, and multiple sales of PTA, BTA to same clients.