In a bid to revitalize Nigeria’s ailing economy, stakeholders from the financial sector are clamoring for the Federal Government to establish a regulatory commission for Bureau De Change (BDC) operators.
This urgent call for reform comes amidst crippling forex volatility, exacerbated by the current economic hardship which has stifled businesses and individuals.
Alh. Auwal M. Lawal, (Dan Malikin Garo) and the Chairman of Bani-Mbaka Bureau De Change Abuja, emphasized the imperative of a regulatory body in an exclusive interview with Alfijir Newspaper in Kano.
“The absence of effective regulation has led to flagrant disregard for Central Bank of Nigeria (CBN) guidelines, precipitating economic instability.” Lawal lamented the exploitation of forex policies, citing instances where foreign currencies were sold without requisite documentation.
Recalled Nigeria’s forex market has struggled with instability, largely due to unregulated BDC operations. “The absence of a centralized regulatory body has led to unchecked illegal activities, further exacerbating the economic woes”.
Lawal attributed Nigeria’s economic crunch to speculative activities and inadequate government oversight. “Unscrupulous elements manipulate forex rates, while government inaction exacerbates instability.”
Lawal advocates for a centralized regulatory body to stabilize the economy and a comprehensive overhaul of the economic team to inject fresh perspectives and expertise. The CBN should halt unregulated biddings, ensuring forex transactions adhere to established guidelines. This restructuring would ensure effective regulation and stability in the forex market.
It could be recalled that, The Kanywood industry started in kano in the late 90s, then Censorship board all put in place by Kannywood Stakeholders to regulate their activities, Overwhelmed by government, The then Kano Government appoints Abubakar Rabo to chair the affairs, along the way bundle of threat and irregularities posed against odds for not being a member from the industry, as a result, government replace him with Ismail Afakallah, a seasoned member from that very industry, behind the background, the industry became a cynosure, garner momentum, soar high, boost economy, employed hundreds thousands, revamp the stagnant economic growth et al.
Later on, Abba El mustapha also a seasoned actor from the industry now steering the affairs of the board, hence the need for federal government to replicate such move to BDC sector to bringing stability and growth to Nigeria’s forex market.
Consider “The Nigeria Film Cooperation, as a merged form of different film industries, spearheaded by Ali Nuhu, serves as a shining example of effective regulation. By appointing industry insiders to lead regulatory bodies.
Lawal noted, “The film industry’s triumph demonstrates that informed leadership yields tangible results, Hence the need to establish the BDC Regulatory body to reduce government burdens imposing security operatives like DSS, police et al as watchdog, By doing so, the operatives should focus more on safeguarding the lives and properties not the financial institution like BDC leaving NFIU, ICPC, EFCC to dealt with the offenders.”
The BDC Regulatory Commission should comprise BDC operative as chairman, policy review committee with regular assessment of economic policies, regulatory framework with clear guidelines and enforcement unit to pursue strict penalties.
According to Him, Establishing the commission would stimulate economic growth, generate employment, attract foreign investment, boost investor confidence, ensure forex availability, and curb corruption as strict penalties would prevent illegal activities.
The Federal Government must prioritize establishing the Nigeria BDC Regulatory Commission. This move would stabilize the economy, promote growth, and ensure forex availability. Lawal’s call for reform echoes the urgent need for effective regulation.
According to him, by halting unregulated biddings and establishing a core regulatory framework, Nigeria can mitigate economic instability and forge a path toward prosperity for economic recovery.
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