The inability of the Central Bank of Nigeria (CBN) to adequately supervise the operations of bureau de change (BDC) centres has led to the BDC operators requesting approval to consolidate their businesses.
The inability of the Central Bank of Nigeria to adequately supervise the operations of bureau de change centres has led the operators to request approval to consolidate their businesses.
To consolidate a business involves the merger or combination of different units or companies into a single entity or a few more prominent organisations.This, he said, is more than those in the United States and China — even though their population is higher compared with Nigeria. The ABCON president said the CBN has acknowledged their proposal, however, there is no specific timeframe for the approval or implementation of the consolidation.He said if the banks, insurance companies and microfinance banks are allowed to merge in order to strengthen them, there’s no reason the BDC operators cannot consolidate.
“The numbers is not helping anybody. It is not helping the operators, it is not helping the regulators, so then we can consolidate,” he added.
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