As part of efforts to eliminate misconduct in the foreign exchange market, the Association of Bureaux de Change Operators of Nigeria (ABCON), has unveiled an operational manual for its members.
The association also introduced a new logo for easy identification of its members as well as a website for the promotion of its activities.
The operational manual is a concise and comprehensive information and explanation on every aspect of the BDC business, in compliance with the Central Bank of Nigeria (CBN) guidelines. It specifies the requirements for licencing a new BDC, requirements for new membership registration, and responsibilities of BDC operators, amongst others.
Speaking at the launch of the document in Lagos, the President, ABCON, Alhaji Aminu Gwadabe, described the initiatives as a sign of the associationâ€™s commitment to continuously collaborate with the CBN to achieve the goals of an orderly foreign exchange market where all operators play by the rules to ensure fairness and to achieve the overall goal of a stable foreign exchange market. This, according to him would support the countryâ€™s growth.
â€œTo our members, BDCs across the country, the manual is not only a guide, but also a standard for assessing their operations and compliance with regulatory requirements.
â€œBut most importantly, the manual implies that henceforth, there will no longer be excuse for not doing the right thing. BDCs can no longer claim or feign ignorance as excuse for not playing by the rules,â€ Gwadabe added.
He noted that the initiatives would help to deepen capacity of its members and boost confidence in the activities of BDCs.
Gwadade expressed ABCONâ€™s preparedness to provide quality services to end-users of forex.
â€œIn furtherance of its role as a self regulatory organisation for the BDC sub-sector, ABCON also realises that there is the need to create a clear demarcation between BDCs and anybody or group involved in buying and selling of forex.
â€œThis we believe has become imperative due to the tendency to attribute to BDCs, every anomaly and misdemeanor by anybody or group buying and selling foreign currencies,â€ he stated.