ABCON Seeks Senate’s Intervention Over N35 million Capital Base Policy

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Governor, Central Bank of Nigeria

The Association of Bureau De Change Operators of Nigeria  (ABCON) Tuesday stormed the National Assembly to seek for intervention of Senate Committee on Finance over decision of Central Bank of Nigeria to raise their capital base from N10 million to N35 million.

The Operators want the apex bank to reduce the capital base to N15 million instead.

ABCON Acting President, Mr. Aminu Gwadabe, told the Senate Committee on Finance that the group had met with the Governor of CBN, Mr Godwin Emefiele on the issue earlier Tuesday to request for the refund of N500,000 mandatory caution fee earlier collected from each members of the Association by CBN.

He said his group held a fruitful meeting with Central Bank Governor this morning, adding that the policy will worsen prevailing unemployment in the country if eventually implemented.

Gwadabe who enumerated the benefits of the Bureau De Change to the economy, said it helped to eliminate the prevalence of currency in circulation and thus boost the image of Nigeria abroad.

“The operation of bureaux de change helps to eliminate the  prevalence of currency in circulation and thus boost the image of Nigeria abroad.

“It is the bureax de change that provides accurate indices of market rate necessary for vital policy formulation and also statistical data on foreign exchange inflow and out flow into the economy.

“The bureax de change sub-sector has since 2006 created employment for over 1 million Nigerians directly and indirectly, who proudly contribute their quota to the nation’s economic development,” Gwadabe added.