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BDCs support FG’s stance against naira devaluation

By BusinessNews Staff on September 23, 2015

The Association of Bureau de Change Operators of Nigeria (ABCON) have condemned the clamour for further depreciation of the naira by some analysts and investors.

The association stated this at the end of a forum it held in Lagos recently. It also pledged to support the Central Bank of Nigeria (CBN) to ensure exchange rate stability.

According to the Managing Director/Chief Executive, Sabil BDC, Alhaji Aminu Gwadabe, the forum also resolved to hold monthly meetings with the aim of reviewing developments in the sub-sector. Identifying the need for professionalism among BDC operators, the forum pledged to institute a robust supervision and sanction regime in the sub-sector.

To complement this, the forum decided to set up a taskforce on compliance and ethics for the industry.

“As part of measures to strengthen capacity building in the industry, the Forum resolved to introduce an annual two days mandatory training for a director and manager from each BDC. The forum also resolved to set up subcommittees on various issues to encourage industry wide participation of BDC operators on issues pertaining to the business of BDC.

“The forum also resolved to regularly engage relevant regulatory and government agencies with a view to complement their objectives, and also partner with them to achieve macroeconomic goals of the government.

“The forum also resolved to work towards a united and undivided ABCON as well as unity of all BDC operators under the umbrella of the association through tours, visits to different zones of the country as well as end of year parties and awards,” a statement from the association added.

Furthermore, Gwadabe also revealed that in order to boost the image of the BDC sub-sector, the forum also pledged to engage in corporate social responsibility activities such as visits and donations to worthy causes across the country.

[ThisDay]

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