Home BUSINESS NAIRA: BDC Operators List Recipes For Stronger Currency

NAIRA: BDC Operators List Recipes For Stronger Currency


The Association of Bureau De Change BDC Operators of Nigeria on Wednesday listed recipes for a stronger naira and a more stable exchange rate in 2018.

President of the association, Aminu Gwadabe, said the recipes were agreed at a meeting of the operators in Lagos.

He urged the Apex bank to ensure the convergence of deposit money banks rate and that of the BDCs, for a healthy competition that would achieve a stronger naira. He also called for the deepening of the BDC’s scope of operations by allowing them to transact on SME remittances.

According to him, allowing the BDCs to remit upkeep and accommodation fees for Nigerian students abroad will help to mitigate parents’ problems in sourcing the dollar.

He appealed to the CBN to allow the BDCs to have access to the investors/exporters window and to also make BDC operators direct agents of the International Money Transfer Organisations like it was done in other advanced economies.

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