Central Bank of Nigeria (CBN) has pledged its support for the Bureau de Change (BDCs) operators by strengthening regulatory framework for its operations.
Godwin Emefiele, the governor of the apex bank, represented by Priscilla Eleje, gave the assurance at a sensitisation seminar for BDCs’ proprietors in Nigeria held on Tuesday in Abuja.
The apex bank governor stated that the BDC sector was vital and strategic sector in delivering good economic reforms and good governance in Nigeria, while assuring that the bank would continue its support to ensure exchange rate stability.
According to the governor, the current policy of delivering forex through BDCs has largely achieved the apex bank’s reach of achieving a stable exchange rate in the long term.
The apex bank governor assured, “The CBN would continue to strengthen the existing framework in encouraging modern technologies and systems so that the BDC’S can function in line with international best practices. On our part, the CBN would continue to support efforts such as this towards enhancing the capacity of the BDC sector in delivering more efficient services to the public.”
In his earlier remarks, Anthony Enwereji, general manager, Travelex Nigeria, organiser of the programme, said the programme was part of its corporate social responsibility designed to contribute to the general reforms in Nigeria’s financial system.
He lauded the efforts of the CBN in ensuring stability in the nation’s foreign exchange market, while also expressing belief that the CBN’s policies would benefit Nigerians if BDCs were carried along because of their direct contact with the public as end users.
In his further remarks, he noted, “The BDC is the first contact that international travellers have with the country’s financial system. Therefore, the Nigerian BDC sector must be in a hurry to embrace best global best practices that deploy the latest technology in its service delivery.”
Ayo Teriba, CEO of Economic Associates, in his presentation titled analysis and proposals for strengthening Nigeria’s end-user forex policy, called on the Nigerian government to evolve strategies that would ensure enough supply to meet the ever-increasing demand of forex while also strengthening the naira.
“Since we pulled out of recession, growth has been very sluggish. Government must target Diaspora remittances to improve forex inflows while also preparing foreign investors to buy into equity in joint venture oil assets so that we could make up for the huge loss in forex shortfall.
“Our shortfall is more than $50 billion and ewe must do wholesale deals that closes that short supply by strategising in Diaspora remittances and foreign direct investment inflows,” he stated further.
