BDCs to commence digital operations with new website

Bureaux de Change operators in the country say they will now offer digital services with launch of their new website, www.naijabdcs.com.

Speaking at the unveiling of the website on Wednesday, Aminu Gwadabe, president of the Association of Bureaux de Change Operators of Nigeria (ABCON), said the website will provide the names, contacts and locations of the 3,500 CBN-accredited operators.

He said the website will also provide data of different rates and allow users carry out forex transactions.

The ABCON leader also requested that their operations be exempted from value added tax payment.

Value added tax is a type of consumption tax placed on goods and services. It is paid by the consumer to the retailer, which in turn, pays to the authorities.

Gwadabe said Nigeria is the only country where BDCs pay VAT.

“A challenge we face is that COT charges is high, sometimes we have to pay N1 per rate.

“In America, UK where we copy their system, FX transactions are VAT exempt. We are using this medium to call on the authorities because it is becoming expensive and difficult for our members to operate.”

He said the website will make it easier to know the true value of the naira rather than rely on figures from AbokiFX, which he described as “not Nigerian, inauthentic and not realistic.”

Other appeals made by Gwadabe are: reduction of BDC license renewal payments, increased scope of their operations so they do not deal with only PTA and BTA requests.

Representatives from the Other financial institutions department of the Central Bank of Nigeria (CBN) and Travelex were at the event.