ABCON wants CBN’s approval for forex training institute
Wants removal of VAT charges on transactions
The nation’s currency dealers, yesterday, disclosed their intention to float an institute where its members will be educated on foreign exchange activities, and called on the Central Bank of Nigeria (CBN), to issue them a Letter of Consent to kick off the process.
Under the aegis of the Association of Bureaux De Change Operators of Nigeria (ABCON), they said the institute has become imperative, as a way to boost its commitment in building capacity for members, and to stimulate competency in the sector. Besides, the group has reiterated its appeal for an exemption from Value Added Tax (VAT), Commission on Turnover, reduced yearly licence renewal fee, and expanded scope of transactions.
The President of ABCON, Aminu Gwadabe, at the launch of the group’s “Live Run Automation Project”, in Lagos, said such exemptions would help reduce the sub-sector’s current challenges.With the launch, BDCs operations are now automated and integrated with Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU), and CBN designated systems.
The Live Run operation portal, he said, is to enhance BDCs compliance with set regulations, promote market integrity, sustain transparent transactions in the BDC corridor and boost the morale of operators.He said the association has series of initiatives currently ongoing, all in the bid to enthrone a regime of compliance and transparency, as well as deepening capacity/skills of operators and supporting the stability of exchange rate.
“The new live rate engine, Naijabdcs.com, is already providing buying and selling rates across different cities and averages national rate for the country. All the CBN-approved BDCs have keyed into this revolution, meant to transform the forex market, and keep speculators out of the market.
“As an enforcement agency, ABCON has collaborated with Economic and Financial Crimes Commission (EFCC), Nigeria Interbank Settlement System (NIBSS) and is pleased that Travelex is giving the group and its members the needed recognition and support.
“ABCON’s primary goal is to ensure that its members comply with all regulations and this will be sustained. We equally have internal mechanisms that are always deployed to punish erring operators.
“Besides, the ABCON Management takes information technology very seriously. That explains the upgrade of its Information Communication and Technology (ICT) platforms, to achieve full digitization of BDCs operations in line with its goal of sustaining transparent operations and prompt rendition of weekly returns to operators,” he said.
He said there is need to differentiate the licensed BDCs, who have Corporate Affairs Commission certificate, and are members of ABCON, with verifiable offices from unlicensed ones. “We implore the Police, Directorate of State Security Service (DSS), to go after the illegal currency dealers. We also implore government to carry out serious public orientation that will warn the public on the dangers of patronising illegal forex dealers, as such is a sure way of building trust, sanity and professionalism in the industry.
“We will continue to drive the process of digitisation of BDCs operations and remain confident that today’s launch of the ABCON Live Run Automation platform will redefine the business of BDCs in Nigeria and make operators to be globally competitive and serve the foreign exchange end-users better while complying with all set regulations.”
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