The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).
The association is also recommending merger for its members in order to boost their capacity to handle diaspora remittances or any other funds sent from abroad and channel the foreign exchange to shops and small businesses.
The President of ABCON, Aminu Gwadebe in an interview with newsmen confirmed the development saying that it was part of the moves to build up capacity of their operations and possibly reduce the number of operators.
He added that the association asked for consolidation whereby some BDCs can merge and also noting that this is mechanism like the did in the banks in 2004 when they were consolidated.
