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ABCON seeks seamless diaspora remittances collection channels

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for seamless channels that would allow beneficiaries of diaspora remittances easy access to their funds. In a statement in Abuja, ABCON’s President, Aminu Gwadabe, said such move would boost Nigeria’s dollar inflows, support naira’s stability and development. He applauded Central Bank of Nigeria’s (CBN’s) policy, which allows beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) to receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. He said such move would end malpractices making dollar scarce and keeping the local currency at the mercy of the greenback. He said the CBN’s directives have helped to usher in naira rebound to N465/$ in the parallel market and should be upheld. Data on IMTOs inflows into the country over the past year, and through investigations indicate that some IMTOs, rather than compete on improving transaction volumes and create more efficient ways for Nigerians in the Diaspora to remit funds, resorted to engaging in arbitrage arrangements on the naira-dollar exchange rate, which to a large extent resulted in a significant drop in flows into the country.