BDC directors urge CBN to review N2 margin

Bureaux De Change (BDC) directors have called on the Central Bank of Nigeria (CBN) to increase the sales margin of BDCs noting that the N2 margin presently allowed by the apex bank is inadequate.

They said the call became necessary due to rising operating costs of BDCs as well as the inflationary trend in the country.

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These were part of resolutions of an exclusive meeting of BDC directors organised by the Association of Bureaux De Change Operators of Nigeria (ABCON) in Lagos.

ABCON President, Dr. Aminu Gwadabe, charged the BDC directors to protect the huge money invested in their business by ensuring that their workers operate within the approved guidelines of the CBN.

He disclosed that the total investment in each BDC is about N35 million, and called for increased supervision by directors to detect and forestall any activity that could lead to the loss of such investment.

Also speaking, ABCON Vice President Azubuike Igbokwe listed unauthorised transactions for BDcs to include; funds transfer, donations to political parties, funding of importation and funding of terrorism activities.

He said the penalty for these unauthorised transactions includes N5 million fine, exclusion from forex bidding or revocation of operating license.