Bureau De Change Operators Dey Seek Support To Boost End-Of-Year Forex Inflow

Association of Bureau De Change Operators of Nigeria (ABCON) don call for better support and empowerment of dia members to boost foreign exchange inflows during year-end festive season. ABCON President, Dr Aminu Gwadabe, yan dis during interview on Sunday for Lagos. He talk say BDC operators, wey dey close to retail forex users, fit play big role to stabilise Naira and capture more diaspora inflows. Gwadabe yan say plenty forex dey enter country toward end-of-year from Nigerians wey dey diaspora wey dey return home for festivities, wey dem dey call “Detty December.” Dis period dey involve concerts, tourism, and family events wey dey attract diaspora visitors and boost economic activities. Lagos State alone generate $71.6 million for 2024/2025 from tourism, hospitality, and entertainment during festive season.

Gwadabe talk say BDC subsector get potential to help Nigeria bring back and retain more forex if dem empower am well. E explain say globally, BDCs dey provide liquidity for retail end of market and serve as agents for diaspora remittances, and dem fit help bring back funds wey dey trapped abroad through unlicensed fintechs. He beg CBN make dem democratise retail segment of forex market by giving BDCs access to foreign currency through formal channels. Gwadabe add say BDCs fit help sustain market liquidity, check volatility, and monitor parallel market. E lament say many licensed operators dey idle because dem no get enough access to official forex windows, but he dey hopeful say ongoing talks with CBN go soon restore BDC active role for retail FX market. He also yan about recapitalisation exercise and say over 200 BDCs don register under new framework, with CBN encouraging mergers for smaller firms to meet capital requirements, wey go make BDCs fit compete globally.