Africa Business News

The Association of Bureaux De Change Operators of Nigeria has urged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence. The President, ABCON Dr. Aminu Gwadabe, called on the apex bank to grant a no-objection approval for the BDCs to fully go digital on all their operational correspondences. He says the move would promote rate convergence, curb volatility in the market and promote economic growth. He noted that granting digital autonomy to the operators, would lead to a true market rate discovery, enhance the achievement of the Federal Government harmonised foreign exchange rate policies, and promote effective monitoring of BDCs’ transactions for statutory and regulatory requirements.