ABCON advises BDC operators on regulatory compliance

Aminu Gwadabe
Aminu Gwadabe

THE Association of Bureaux De Change Operators of Nigeria, ABCON, has advised Bureaux De Change, BDC operators to embrace compliance and operate within guidelines. Aminu Gwadabe, president, ABCON, said the group was committed to enhancing capacity of BDCs in the country.

Gwadabe, who spoke in Lagos at the ABCON nationwide sensitisation programme to evaluate the outcome of the assessment of the Financial Action Task Force, Inter Governmental Action Group against Money Laundering in West Africa, GIABA, and the Central Bank of Nigeria, CBN examination, said the group was happy over stability in exchange rate.

“So far, we also want to celebrate consistent four years of exchange rate stability and compliance in our operations. In summary, that’s why we are here to carry our people along, to evaluate our performance more especially in terms of compliance and then the way forward to continue to be effective in the foreign exchange market,” he said.

Gwadabe said capacity building, collaborations with the regulator and other relevant agencies, training of our members and also collaborations with the media remain the way forward for the industry growth. He noted that although there are predictions on the devaluation of the naira by 20 percent, ABCON believes that it will not happen, but only exchange rate unification is possible.

“Devaluation will not do any good more especially we can see of course there is border regulation which has improved a lot of activity in the economy, yet we are struggling with electricity in terms of its availability and also Nigeria still remains an import dependent country, a lot of children, our schools infrastructures are not there.

“The aspect of the examination we are comfortable with is firstly, the submission of our audited accounts that have improved tremendously, so many members have now known the implications of not rendering their audited accounts to the CBN and the Federal Inland Revenue Service, FIRS, more especially now that the drive of the government is revenue generation.

“So, this is one aspect we want to emphasize for our members to ensure they belong to the tax net, they comply with the necessary regulation, also we have automated our operations, our members are on our platform, which is where they render their returns to the CBN from the comfort of their offices, so these are some of the achievements that we have made and we felt we have to let the media know so that they help us emphasize some of these achievements apart from the exchange rate stability that we have been making for the past four year,” he said.

– Jan. 31, 2020 @ 17:19 GMT |

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