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ABCON seeks merger, consolidation of BDCs | The Guardian Nigeria News

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The Association of Bureaux De Change Operators of Nigeria (ABCON) is seeking the merger and consolidation of bureau de change (BDC) operators while kicking against recapitalisation of the industry.

It said consolidation would improve corporate governance and rules of engagement with the apex bank.The merger option was adopted for class ‘A’ BDCs in 2007/2008, which entitled them to $1 million weekly allocation with a N500 million capital base, the association said.

It said the Central Bank of Nigeria would be in a better position to regulate the BDCs from the consolidation exercise. Each of the CBN-licensed BDCs is capitalised to the tune of N35 million and should be allowed to willingly consolidate among themselves, ABCON President, Dr Aminu Gwadabe, said in a statement.

 

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