Some Bureau De Change (BDC) operators on
Thursday said that the requirements of the Central Bank of Nigeria
(CBN) for sale of foreign exchange was affecting their sales.
They disclosed this to the News Agency of Nigeria (NAN) in Lagos.
They
said that inability of customers to provide all the required data had
been posing challenges in the sale of foreign exchange
An
operator, who preferred anonymity, told NAN that many customers had
discrepancies with the information on their international passports and
the Biometric Verification Number (BVN).
He cited the problem of not having same information such as difference in date of birth on the two requirements.
The
trader said that the extension of BVN to the sub sector as part of
requirements for sale of foreign exchange was giving the BDCs some
problems.
According to him, foreign exchange should be allowed to be sold without challenges.
He said that the policy had reduced the level of foreign exchange sold on weekly basis by the BDCs.
“Extending BVN to BDCs has brought problem to us. This is because we do not have the power to store people’s data like the bank.“Commercial banks are deposit money institutions that are backed by Data Protection Act to store customers’ data.“In our own case, customers are not willing to divulge personal information,” the trader said.
NAN
reports that the requirement needed for purchase of forex before the
BVN registration were international passports, travel tickets and valid
visas.
The adoption of BVN as a
condition for the sale of foreign exchange is expected to reduce the
incidence of multiple purchases, round tripping and illicit transfer of
funds.
It also facilitate enforcement
of authorised limits of forex sales to end users, sanitize the retail
segment of the market and engender policies that will facilitate better
allocation of foreign exchange.
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