Lagos – The Association of Bureau De Change Operators of Nigeria (ABCON) on Friday urged its members to embrace full automation of their operations in the spirit of CBN’s rebranding of the financial market.
The President of the association Alhaji Aminu Gwadabe, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
Gwadabe said that rebranding of Bureau De Change (BDC) operations required a re-registration and re-certification of all its members and directors in a new online portal.
According to him, it is anathema for BDCs to operate without an office equipped with modern technology and communication gadgets.
The ABCON chief said that the reforms in the foreign exchange market had made transparent transactions by BDCs compulsory to comply with CBN regulations.
“Any BDC operator without a registered office equipped with computers will not be allowed to operate under the rebranding philosophy of the association.
“This will allow for transparent monitoring of its operations by the CBN,’’ NAN quotes Gwadabe as saying
He noted that the association was still negotiating with the CBN on modalities for the stability of the foreign exchange market.
Gwadabe explained that in the spirit of rebranding, BDCs would be a store house for gathering local and international records of foreign exchange transactions.
He added that with the automated operation of BDCs, it would be easier to get accurate records of Diaspora remittances into the country. (NAN)