BDC operators condemn calls for further depreciation of naira

by Hope Moses Ashike
Bureau De Change owners have condemned the clamour for further depreciation of the naira by international organisations.
Rising from the maiden BDC Owners Forum held in Lagos on Wednesday, the Forum pledged to support the Central Bank of Nigeria (CBN) to ensure continued stability of the naira.
This decision followed deliberations on recent developments in the BDC subsector and the foreign exchange market in general.
Identifying the need for professionalism among BDC operators, the Forum pledged to strengthen the Association of Bureaux De Change Operators of Nigeria (ABCON) to institute a robust supervision and sanction regime in the BDC industry. To complement this, the Forum decided to set up a taskforce on compliance and ethics for the industry.
Disclosing the outcome of the meeting to the press, Managing Director/Chief Executive, Sabil BDC, Aminu Gwadabe, said, “The Forum also resolved to hold monthly meetings that must be attended strictly by BDC Owners with the aim of reviewing developments in the subsector.
“As part of measures to strengthen capacity building in the industry, the Forum resolved to introduce an annual two days mandatory training for a director and manager from each BDC. The Forum also resolved to set up subcommittees on various issues to encourage industry wide participation of BDC operators on issues pertaining to the business of BDC.
“The Forum also resolved to regularly engage relevant regulatory and government agencies with a view to complement their objectives, and also partner with them to achieve macroeconomic goals of the government.
The Forum also resolved to work towards a united and undivided ABCON as well as unity of all BDC operators under the umbrella of the Association through tours, visits to different zones of the country as well as end of year parties and awards.
“To boost the image of the BDC industry and business, the Forum also pledged to engage in corporate social responsibility activities such as visits and donations to worthy causes across the country.”