By Babajide Komolafe
Central Bank of Nigeria (CBN) has commended the self-regulatory efforts of the Association of Bureaux De Change Operators of Nigeria (ABCON) as worthy of emulation.
ABCON’s self-regulatory effort is worthy of emulation”, said Mr. W.D Gotring, Deputy Director, Trade and Exchange Department, CBN.
ABCON is the umbrella body of BDCs in the country, with membership of about 2000 BDCs. Established in 1997, the Association was granted self-regulatory organisation (SRO) status by the CBN.
“The Association has taken self- regulation to inestimable height”, he said in Lagos at the annual general meeting of the Association.
Gotring, who represented the director of the department, Alhaji Musa Batari, said that the apex bank would continue to support the association to enhance its regulation of the bureau de change sub-sector.
Speaking further, he charged bureau de change (BDC) operators to ensure they comply with regulatory requirements particularly monthly rendition of returns. He said BDC operators need to realise that policy measures are based on observed developments in the economy hence an unsatisfactory trend in the sub-sector might lead to a policy that would impact on their operations.
Meanwhile, the Association has appointed and deployed ten independent examiners to verify the status of all BDCs. President of the Association, Dr. Emmanuel Balogun disclosed this at the meeting.
He said “ABCON has appointed 10 independent examiners to go round our membership to verify the status of every BDC that is registered with the Association and ascertain their compliance level with supervisory and regulatory provisions.
These examiners are expected to round off their work before the end of this month.
ABCON is an association of traders with a self-regulating status. A self-regulatory organisation (SRO) is an organisation that exercises some degree of regulatory authority over an industry or profession.
An SRO is basically a non-government organization which has statutory responsibility to regulate its own members through the adoption and enforcement of rules of conduct for fair, ethical and efficient practices.“Distinguishing professional competencies in the eyes of the public and the regulatory community is becoming increasingly important.
By self regulation the Association ensures that members have the knowledge and skills that are required to be a member of a profession. It also suggests that the members will perform in a manner that is both professional and ethical.”