The Central Bank of Nigeria on Wednesday said it is deliberating on ways to incorporate the Bureau de Change operators into its new policy, even as it called on operators in the sector to exercise patience.
The Governor of the CBN, Godwin Emefiele, who was represented by Deputy Director, Financial Policy and Regulation Department, Mr. Anthony Ikem, during an interactive session with the BDCs operators in Lagos, said the operators’ proposal to participate at the interbank market was still under consideration.
He noted that the management of the bank was working on how the BDCs could be accommodated and carried along in the new forex regime, saying the CBN was aware of the challenges confronting the sub-sector.
“The CBN is asking the BDCS to exercise patience. The New policy is still being tested to see how it would be later. Even as the policy is being tested, the CBN still understands the role of the BDCs in the country. They are still relevant in the scheme of the affairs of the country,” he said.
Also, the acting President of the Association of Bureau de Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe appealed to the CBN to restore and enforce the self regulatory status of ABCON, by making its membership a criteria for licensing and renewal.
He noted that ABCON has decided to move ahead with the task of enhancing capacity and competence of BDC operators, to ensure members positioning to support the CBN’s objective of a stable exchange rate and foreign exchange market which is also the desire of every BDC operator.
He stated that the association has charted roadmaps which include automation of BDC operations and compliance requirements for online real time operations, construction of trading platform to enhance capacity and scope of BDCs amongst others.
Speaking on the forex policy of the CBN, Gwadabe said the association is concerned that if the policy is not properly implemented, it may lead to huge forex related losses by manufacturers, adding that it might also lead to further rise in inflation, decline in Gross Domestic Product, GDP, rate, widen the gap between the interbank and parallel black market forex rate.
Others, Gwadabe added, could be decayed Infrastructure, closure of many manufacturing companies and British exit from the European Union, lack of skilled personnel in the subsector and among others.