If there is anything Nigerians want to see in 2018, it is a stable Naira when compared to the dollar.

This will make sure that the little minimum wage in their pockets can buy what they buy at the moment, without having to worry that prices could rise.

But even with the current interventions of the Central Bank of Nigeria in the foreign exchange market, some experts still fear there could be an equilibrium point that will see the free fall of the Naira.

But the Association of Bureau De Change Operators of Nigeria (ABCON) believes that the Naira could be stable.

The union on Wednesday listed recipes for a stronger Naira and a more stable exchange rate in 2018.

The President of ABCON, Aminu Gwadabe, said the recipes were agreed at a meeting of the operators in Lagos. 

1.   The CBN will have to ensure the convergence of deposit money banks rate and that of the BDCs, for a healthy competition that would achieve a stronger Naira.

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2.   He also called for the deepening of the BDC’s scope of operations by allowing them to transact on SME remittances.

Mr Gwadabe added that allowing the BDCs to remit upkeep and accommodation fees for Nigerian students abroad will help to mitigate parents’ problems in sourcing the dollar.

3.   The CBN must allow the BDCs to have access to the investors/exporters window and to also make BDC operators direct agents of the International Money Transfer Organisations like it was done in other advanced economies.

4.   The CBN should allow the BDCs to do live programmes on the rendition of returns/operations, to ensure greater transparency.

5.   An exemption of BDC transactions from VAT payments as observed in the UK and the U.S. and the reduction of complex documentation requirements on BDC transactions.

6.   Remove or reduce to the barest minimum bank charges on BDC operations and a review of the annual license renewal of the BDCs, in view of their numerical strength.

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7.   The BDCs also want approval of additional disbursement centres in Port Harcourt, Maiduguri, Benin and Ibadan, which would facilitate access to FOREX in those areas.

Other suggestions by the President of ABCON was constant collaboration with self-regulatory organisations like ABCON, as recommended by an article of the Financial Action Task Force (FATF).

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