Proposed Tax On BDC Transactions Could Disrupt Foreign Exchange- ABCON

The Association of Bureau De Change Operators of Nigeria, ABCON, is urging the National Assembly to reconsider a proposed tax on Bureau De Change, BDC, transactions, warning it could destabilize the foreign exchange market.

ABCON Chairman Aminu Gwadabe expressed concerns after presenting the Association’s position on the Tax Reform Bills in Abuja.

Represented by the North Central Chairman, Thomas Okoye, Gwadabe noted that end-users would ultimately bear the burden of any imposed tax.

He called for financial stakeholders to implement measures stabilizing exchange rates and mitigating market fluctuations.

The association reaffirmed its commitment to supporting government policies and programs promoting economic development.

ABCON has been actively engaging with regulatory bodies, having secured approval from the Central Bank of Nigeria to launch an automation portal for BDC operations.

Oduyemi Odumade, Edited By Grace Namiji