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ABCON Seeks Role for Bureaux de Changes in Facilitating Diaspora Remittances

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The Association of Bureaux De Change Operators (ABCON) has asked the Central Bank of Nigeria (CBN) to authorize Bureaux De Change to act as paying agents for foreign remittances in the country.

Aminu Gwadabe, ABCON’s president, said in a statement issued on Sunday that the central bank should employ the services of more than 5,000 licenced bureaux de changes in Nigeria to process remittances.

It would enable Nigerians sending money home from abroad to do so more conveniently, the ABCON chief added.

Abuja-based CBN in November ordered banks to henceforth pay the beneficiaries of diaspora remittances through international money transfer operators in dollars in a move targeting improved supply of the United States currency. Prior to then, recipients were paid naira equivalent.

Mr Gwadabe is optimistic that funds remitted from abroad will bolster the country’s balance of payment, minimise external borrowing dependence and ease the weight of the coronavirus crisis on forex inflows into Nigeria.

Nigeria’s yearly remittance inflow of $25 billion is significant to currency management, the ABCON boss said, noting that it should be given free, unhindered movement into the economy.

Mr Gwadabe said that ABCON could stimulate dollar liquidity, attain market price equilibrium, enhance depth in the currency market, boost foreign exchange accretion and maintain exchange rate stability.

Mr Gwadabe said the move would further strengthen the operational capacity as well as the sustainability of BDCs, while shoring up naira against other currencies.

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