‘Raise capital requirements of BDCs’ — Tinubu advisory council recommends guidelines for operators | TheCable
In a document, titled, ‘Policy Advisory Council Report: National Economy Sub-committee’, the council highlighted key reforms that the government can implement to improve the monetary policy of the country.
It advised the government to allow the banks to operate as the primary dealers to supply the FX market through a willing buyer/willing seller model. The council said only BDCs with a strong capitalisation should be allowed to participate in the country’s FX market.“Raise the capital requirements of Bureaux De Change operators to ensure only strong, well-capitalised and automated BDCs are allowed to operate. e.g. Travelex. Introduce an effective exchange rate management system, viz the crawling peg,” the advisory body suggested.
If this recommendation is implemented, TheCable understands that many BDC operators may be forced to shutdown.Advertisement
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