Bureau De Change operators (ABCON) raises concern over proposed tax

The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the National Assembly to review the proposed tax on Bureau De Change (BDC) transactions, as it could have negative impact on the foreign exchange market.

ABCON Chairman, Aminu Gwadabe, raised the concern while addressing journalists in Abuja after presenting the Association’s position at a public hearing on the Tax Reform Bills.

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

Gwadabe called on financial sector stakeholders to implement measures that would stabilize the exchange rate and mitigate market fluctuations.

The Association reaffirmed its commitment to supporting government policies and programs aimed at fostering economic development.

Reporting by Tanimu Salihu; Editing by Jennifer Ogor and Adeniyi Bakare