Bureau De Change (BDC) operators in Kano state are drumming support for the unification of FX rates and the removal of restrictions on domiciliary accounts introduced by the Nigerian government.
The chairman of Al’amanat Association of BDC operators in WAPA Market, Sani Dada, explained that the new policy of the Apex bank would discourage speculation and ensure stability in the FX market.
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He noted, that over the years, Deposit Money Banks had created unnecessary barriers by introducing policies not known to the Central Bank of Nigeria (CBN), in FX transactions, thereby making the process difficult.
Dada described the unification of FX rates as one of the game changers needed to help stabilise the FX market and grow the economy.
Kano BDCs Urge CBN To Liberalise FX Transactions
However, Dada, appealed to the CBN to incorporate BDC operators into the Basic Travelling Allowance (BTA), Personal Travel Allowance (PTA) and other foreign exchange (FX) transactions.
He said, that enabling BDCs to join the competitive market with DMBs in Forex trading would reduce the cumbersome procedures customers are always subjected to before issuance of FX.
The BDC Boss also urged the CBN to ensure transparency and accountability in the system.
He said this could be achieved by breaking the monopoly of the DMBs and liberalise the disbursement of PTA, BTA and other Forex remittances.
