BDC Operators Want Yuan for Customers

The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria to approve disbursements of the Renminbi (Yuan) to its members to deepen the China-Nigeria swap deal.

President, ABCON, Alhaji Aminu Gwadabe, told the News Agency of Nigeria in Lagos that the approval would enable BDCs sell Personal and Business Travelling Allowances to its customers in Yuan.

According to him, the sale of BTAs and PTAs to China-bound businessmen would make them get used to the authentic features of the Yuan to avoid being issued fake currencies for transactions.

The ABCON chief applauded the CBN for taking proactive measures in prosecuting the deal and the stability of the Naira at the nation’s foreign exchange market.

Gwadabe noted that the swap deal and its full implementation would continue to shore up the value of the naira as pressures hitherto put on it by the dollar would be reduced.

The CBN, according to reports, sealed about N720 billion deal with the Peoples Bank of China in a move that would facilitate trade between both countries and maintain financial market stability, among others.

The CBN noted that the 41 items earlier banned on June 23, 2015 remained banned under the new deal.

The apex bank also disclosed at the end of the Bankers Committee Meeting that it would give incentives to Nigerians who import goods from China.

The committee agreed that importers of Chinese goods would be encouraged to bring invoices in Renminbi.

Since the Chinese Yuan joined the International Monetary Fund (IMF) basket of currencies in 2016, it has been gaining quick recognition by both European and African Central Banks to be used in their foreign reserves.