{"id":129002,"date":"2022-01-03T13:12:41","date_gmt":"2022-01-03T12:12:41","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=129002"},"modified":"2022-01-03T13:15:00","modified_gmt":"2022-01-03T12:15:00","slug":"de-risk-our-operations-to-receive-diaspora-remittances-via-nafex-abcon-tells-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/03\/de-risk-our-operations-to-receive-diaspora-remittances-via-nafex-abcon-tells-cbn\/","title":{"rendered":"De-risk our operations to receive diaspora remittances via NAFEX, ABCON tells CBN"},"content":{"rendered":"<p>The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the monetary authority to de-risk their operations in order to receive diaspora remittances through the autonomous forex windows.<\/p>\n<p><span data-preserver-spaces=\"true\">The Nigerian autonomous foreign exchange (NAFEX) is a market trading segment for investors, exporters and end-users that allows FX trades to be made at a market-determined rate.<\/span><\/p>\n<p>Recall that the Central Bank of Nigeria <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/25\/ex-cbn-deputy-gov-my-shareholding-in-titan-trust-very-small\/\">(CBN)<\/a> in May 2021 adopted NAFEX as the country&#8217;s offical forex window.<\/p>\n<p><span data-preserver-spaces=\"true\">Aminu Gwadabe, president of ABCON, said this in a statement on Sunday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gwadabe said the BDC sector has been in comatose since the July 2021 monetary policy committee (MPC) meeting where the Central Bank of Nigeria (CBN) suspended weekly dollar interventions to BDCs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said that while BDCs were licensed to offer retail across the counter foreign exchange (forex) transactions, they equally contribute to Nigeria\u2019s economic development.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The BDCs, he added, are ensuring order and confidence in the forex market, providing data for monetary policy, channels for CBN intervention in the retail market and creation of over 15,000 jobs, among others.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gwadabe said over N1 trillion annual transaction volume by the BDCs subsector was under threat while huge capital investment was becoming redundant, gradually being eroded and winding up.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He advised that just like the apex bank de-risked the agricultural sector by making it easier for agriculturalists to access cheaper loans at single-digit from banks, the CBN could also de-risk the BDCs\u2019 operations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cABCON understands the challenges faced by the apex bank due to the dwindling foreign reserves, declining oil output and oil theft, COVID-19-induced economic pains, fiscal policy challenges, debt burden and election spending, which are making it difficult for the CBN to sustain weekly dollar interventions to BDCs,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He suggested that the BDCs should be allowed to access dollars or diaspora remittances through the autonomous forex windows, such as allowing operators to receive IMTOs\u2019 proceeds, carrying out online dollar operations and point of sale (POS) agency, among others.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe support any measures that would lead to compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML\/CFT), supporting CBN\u2019s exchange rate stability policies and security agencies to punish any BDC operator breaching corporate governance and compliance guidelines,\u201d Gwadabe said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is our sincere belief that the BDCs need to be integrated back officially to ensure their continuous potent role in exchange rate stability management.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the monetary authority to de-risk their operations in order to receive diaspora remittances through the autonomous forex windows. The Nigerian autonomous foreign exchange (NAFEX) is a market trading segment for investors, exporters and end-users that allows FX trades to be made at [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":129018,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[26539,658,9211,26540],"class_list":["post-129002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-abcon","tag-cbn","tag-monetary-policy-committee-mpc","tag-nafex"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>De-risk our operations to receive diaspora remittances via NAFEX, ABCON tells CBN<\/title>\n<meta name=\"description\" content=\"The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the monetary authority to de-risk their operations in order to receive diaspora remittances through the autonomous forex windows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/03\/de-risk-our-operations-to-receive-diaspora-remittances-via-nafex-abcon-tells-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"De-risk our operations to receive diaspora remittances via NAFEX, ABCON tells CBN\" \/>\n<meta property=\"og:description\" content=\"The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the monetary authority to de-risk their operations in order to receive\" \/>\n<meta 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