Central Bank Urged To Slash BDCs By 95%


Nigerian Presidential Adviser on Economic Affairs, Tope Fasua, has urged the Central Bank of Nigeria (CBN) to significantly decrease the quantity of bureau de change (BDC) operators in the country from over 5,000 to approximately 200. 

Fasua, a prominent economist and CEO of Global Analytics Consulting, made this recommendation during an economic policy event hosted by the Abuja Chamber of Commerce and Industry. 

He emphasized that the excessive number of BDCs makes it challenging for the CBN to effectively oversee them, resulting in irregularities within the foreign exchange market. 

Fasua also called for structural reforms in the BDC sector and improved supervision, suggesting that with the right changes, the CBN could incentivize quicker access to forex for Nigerians. This proposal comes at a critical time when Nigeria is facing a foreign exchange crisis, marked by the depreciation of the naira against the US dollar and difficulties in accessing forex for businesses. 

Whether the CBN will adopt Fasua's recommendation remains uncertain, but it presents a potential avenue for enhancing the forex market's efficiency and transparency.

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