Operators of the Bureau de Change yesterday met with the Committees on Finance of both chambers of the National Assembly to seek the intervention of the federal lawmakers on the recent N35m imposed on each of them as capital base by the Central Bank of Nigeria.
Aminu Gwadabe acting president of the Association of Bureau De Change of Nigeria, who led his members to the National Assembly, told journalists that his group had earlier on Tuesday, met with Mr. Godwin Emefiele, governor of Central Bank,on the issue.
He explained that his group held a fruitful deliberation with Emefiele, on the controversial N35m capitalisation and that the apex bank boss pledged to look into the issue.
Briefing the Senate Committee on Finance led by Senator Ahmed Makarfi, Gwadabe said the policy will worsen the current unemployment problem in the country if implemented.
He also said the policy would further lead to an embarrassing devaluation of the nation’s currency because many operators would close down, a situation he added, would lead to emergence of various black markets across the country.
Gwadabe further told the Senators that the imposition of policy on the operators would lead to circulation of foreign currencies.
He added that the active involvement of the organised BDC operators in forex trading over the years had greatly improved the image of the country abroad as Nigerian travellers were no longer arrested for being in possession of fake currencies.
He said, “We appeal for the total reversal of the policy because it will force many of our members out of the market.
“The 100 per cent increase in the mandatory cautionary deposit will further boost the black market segment of the economy and the return of exclusive group ‘A’ BDCs.
“It is our belief that the mop of N35m mandatory cautionary deposit over BDC for about 3, 500 BDCs across the country is almost half the size of the Nigerian budget.
“This chunk of resources will be in in a non-interest yielding account, which is counter-productive as the mop up will give government more money and impoverish the majority of the citizenry resulting to a decrease in the consumption level savings and their ability to invest in the economy.”
Makarfi appealed to the BDC operators to go about their agitation in the most orderly manner and pledged that the Senate will continue to create constructive engagement with all stakeholders to ensure peace.