NewsOnline Nigeria reports that the Federal Government has urged the Central Bank of Nigeria (CBN) to reduce the number of Bureau de Change (BDC) operating in the country from over 5,000 to about 200.
This Nigeria News platform understands that the Special Adviser to President Tinubu on Economic Affairs, Tope Fasua made this statement during an economic policy event organized by the Abuja Chamber of Commerce and Industry.
Tope Fasua noted that the high number of BDCs in operation makes it difficult for the CBN to supervise them, which eventually leads to irregularities in the forex market.
According to the Presidential Aide,
He also advised that more structures need to be put in place to enable the BDCs and Banks to provide easy access to forex by Nigerians.
NewsOnline Nigeria had earlier reported that the Association of Bureau De Change Operators of Nigeria (ABCON) – which is the umbrella body of all BDC Operators in Nigeria – had asked CBN to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).
The association also recommended a merger for its members to allow them to boost their capacity in handling diaspora remittances or any other funds sent from abroad to enable them to channel the foreign exchange to shops and small businesses.
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