Association of Bureaux De Change Operators Calls for Digital Autonomy to Drive Exchange Rate Convergence

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to empower Bureaux De Change operators with digital autonomy, a move aimed at achieving exchange rate convergence.

In a press statement released on Sunday, Dr. Aminu Gwadabe, the President of ABCON, urged the apex bank to grant a no-objection approval for Bureaux De Change (BDCs) to transition fully into the digital realm for all their operational interactions.

This bold step, Dr. Gwadabe said holds the potential to stimulate rate convergence, quell market volatility, and ultimately drive economic growth.

ABCON, in its illustrious history, has previously led its members to successfully achieve rate convergence in the years 2006, 2009, and from 2018 to 2020, until the disruptive onset of the COVID-19 pandemic in 2020.

The granting of digital autonomy to these operators, he underscored, would pave the way for genuine market rate discovery, bolster the attainment of the Federal Government’s harmonized foreign exchange rate policies, and facilitate the effective oversight of BDCs’ transactions to ensure compliance with statutory and regulatory requirements.

Beyond its role as a source of employment for over 40,000 individuals within the sector, bestowing digital autonomy upon BDC operators is poised to usher in a new era marked by transparency, accountability, and simplified supervision.

Dr. Gwadabe articulated, “As a forward-thinking organization and the umbrella body for CBN-licensed BDCs, and in alignment with the CBN’s planned reforms aimed at enhancing tech compliance among BDCs, ABCON initiated various digitization reforms dating back to 2016.”

ABCON asserts that the time has come for the CBN to democratize and centralize the digital operational framework for all BDCs, by affording every operator the autonomy to embrace digital transformation.

This initiative holds the promise of not only fostering a unified and resilient BDC ecosystem but also contributing significantly to the stability and growth of Nigeria’s financial landscape.

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