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BDC Operators Want Involvement in China-Nigeria Swap Deal

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has been urged to allow members of the Association of Bureaux De Change Operators of Nigeria (ABCON) be involved in the China-Nigeria Swap deal.

Recall that recently, the apex bank sealed a deal worth N720 billion with the Peoples Bank of China in a move that would facilitate trade between both countries and maintain financial market stability, among others.

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President of ABCON, Mr Aminu Gwadabe, in a chat with the News Agency of Nigeria (NAN) in Lagos, said it would be nice for the central bank to approve Renminbi (Yuan) disbursements to his members to deepen the deal.

According to him, this would enable BDC operators sell Personal and Business Travelling Allowances to its customers in Yuan.

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He argued that the sale of BTAs and PTAs to China bound businessmen would make them get used to the authentic features of the Yuan to avoid being issued fake currencies for transactions.

Mr Gwadabe noted that the swap deal and its full implementation would continue to shore up the value of the Naira as pressures hitherto put on it by the Dollar would be reduced.

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The ABCON chief applauded the CBN for taking proactive measures in prosecuting the deal and the stability of the Naira at the nation’s foreign exchange market.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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