Association of Bureaux De Change Operators of Nigeria (ABCON) said that it would henceforth take strong measures against bureaux de change (BDCs) operators that fail to promptly submit returns as required by the Central Bank of Nigeria (CBN).
ABCON President, Dr. Emmanuel Balogun issued this warning in Lagos Thursday last week decrying the lukewarm attitude of BDC operators to submission of returns. He said henceforth it is zero_tolerance on none rendition of returns and this means BDCs that fails to submit returns as at when due will face the wrath of the Association.
The operating guidelines of the BDCs require that each BDC submit returns of its activities to the Central Bank of Nigeria (CBN). The returns, apart from confirming the continued existence of each BDC also helps the apex bank in monitoring the activities of the BDC and ensure that it comply with the foreign exchange laws. The returns are also used for data collection purposes and policy formulation by the apex bank.
Balogun said returns are also important for the Association in fulfilling its Self Regulatory Organisation (SRO) status and umbrella body of the BDC industry and hence failure of BDCs to submit the returns not only contravenes the regulatory guidelines but also undermines the effectiveness and status of ABCON.
â€œFor these reasons the Association will no longer condone late or non_submission of daily returnsâ€, he averred.
He said the Association is mindful of the challenges faced by its members in submitting returns and has begun to take steps to address these challenges.
He said the Association has commenced a project that will ensure that BDCs can send their returns to the CBN via the ultra modern Information technology center of ABCON House, the recently commissioned secretariat of the Association.
Under the project BDCs would send their returns by email to the Association, which would in turn use its Efass infrastructure through dedicated lines to upload them to the CBN.
â€œThis means that BDC would not have to leave their office and go the long distance to the CBN office to submit returns. By next week we would conduct a pilot scheme involving BDCs in selected locations to assess the effectiveness of the project and make necessary fine_turning. Thereafter the project will be extended to other BDCs across the country. During the pilot scheme other BDCs would still send their returns directly to the apex bankâ€.
He said to consolidate on this, and facilitate communication between the association, members and the public; ABCON would soon launch its official website, adding that among other things the website by design will further make it easy for members to render returns.
â€œThese measures as well as other ones which would also be introduced soon will enable the Association to promptly detect BDCs not complying with rendition of daily returns and deal with them decisivelyâ€, he said.