CBN to include BDCs in new forex policy – Emefiele

The Central Bank of Nigeria, CBN, has said plans are on to have Bureau De Change, BDC, operators participate in the flexible exchange rate inter-bank market policy being implemented by it.

The CBN Governor, Gidwin Emefiele also said the new policy is still on trial and would soon make room for more stakeholders, including BDC operators.

Emefiele, who was represented by the CBN’s Director, Financial Policy and Regulation Department, Anthony Ikem, spoke during an interactive session between the BDCs and CBN  on the new policy and state of the forex market on Wednesday, in Abuja.

According to him, all hopes to include BDCs in the policy guidelines is not lost, while also acknowledging the impact of the policy on BDC businesses.

“The CBN wants to accommodate and carry all stakeholders along. All that management is requiring for the BDCs is to be more patient. The new policy is being tested. Efforts will be made to see how the BDCs, which are critical to economic development, will be carried along.”

The CBN governor also promised BDC operators that they will be part of the policy, adding that more collaboration between the regulator and operators is needed to move the economy forward.

He however said the CBN will review the BDC operational guidelines to ensure they are in line with regulatory requirements and prepare the operators for the task ahead