Monday, May 17Inside Business Africa
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Tag: ABCON

CBN, ABCON, others draw support for FX rule compliance

CBN, ABCON, others draw support for FX rule compliance

Capital Market
Attaining N1 trillion yearly market turnover by the Bureaux de Change (BDCs) has reinforced their relevance to the economic growth of the country. The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, stated this at the yearly general meeting of the body. Gwadabe, however, said it was too early to rest on their oars as there are more battles to conquer in the effort to position the market as a catalyst of economic development and wealth creation. Speaking at the virtual event attended by industry stakeholders, Gwadabe said the journey to rescuing the market from speculators and achieving foreign exchange (FX) had just begun. He listed major steps taken by ABCON to ensure that all licensed BDCs comply with extant regulations, inclu...
As CBN battles non-conformist diaspora remittance market

As CBN battles non-conformist diaspora remittance market

Finance
Despite efforts by the Central Bank of Nigeria (CBN) to stimulate activities in the formal channels of diaspora remittances, the window has continued to battle with its historical challenges, including rising competition with informal windows, poor regulatory compliance by the international money transfer operators (IMTOs), high charges and underhand dealing of agent banks. Following the growing pressure on the naira last year, the apex bank retooled the regulatory framework with a focus on “improving remittance inflows into Nigeria”. In a meeting with IMTOs and money deposit banks (MDBs), the CBN Governor, Godwin Emefiele, stressed: “Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency through the d...
Raise banks’ liquidity ratio to discourage foreign currency holding, ABCON charges CBN

Raise banks’ liquidity ratio to discourage foreign currency holding, ABCON charges CBN

Business
• Warns against pegging interest rates to avoid faulty system • Says increasing retirement age would aggravate youth unemployment The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to consider raising the liquidity ratio of banks, to discourage foreign currency holding.   According to the Association, this would increase the availability of forex especially for the purpose of increasing liquidity at the official retail segment where BDCs operate. In its Quarterly Economic Review report for the Third Quarter of the year (Q3’2020), the Association warned CBN against pegging interest rates and other variables, saying it could lead to a faulty system. The Association charged the monetary authority to interven...
Traders, speculators may suffer losses as BDCs resume operations

Traders, speculators may suffer losses as BDCs resume operations

Business
The Association of Bureaux De Change Operators of Nigeria (ABCON), has warned its members and forex speculators mounting pressure on the naira to stop such activities or risk losing their money. ABCON President, Aminu Gwadabe, who disclosed this yesterday, in Lagos, said the Central Bank of Nigeria, CBN-licenced Bureaux De Change (BDCs) will soon start full operations as the apex bank seeks to re-open dollar sales to operators. According to Gwadabe, with the CBN’s planned lifting of moratorium on dollar sales to BDCs, reopening of the airports for air travels, global ease on restriction of movement are positive indications that dollar flows to the economy will soon improve. He said the naira was yesterday evening exchanging at N461/$ at the parallel market, but...
ABCON calls for sector-specific policy to drive informal economy

ABCON calls for sector-specific policy to drive informal economy

Economy
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Federal Government to design informal sector-oriented economic policy that will help workers overcome the severe impact of the COVID-19 pandemic.  The group made the call in its Quarterly Economic Report for the First Quarter of 2020 (Q1’2020), saying that while most COVID-19 related government aids and packages are targeted at formal businesses, it is the informal sector, which accounts for the majority of the labour force, that suffers the greatest impact of the pandemic.  According to the group, to ensure that Micro, Small and Medium Enterprises (MSMEs) continue to play their critical role in the economy, especially employment generation, economic policy trust for post-COVID-19 must be d...