•Demand removal of VAT on transactionsThe Association of Bureaux De Change Operators of Nigeria (ABCON) has dissociated itself from the petitions against the apex bank and its management over the deployment of dual exchange rate regime in foreign exchange (forex) management. Meanwhile, they have applauded the Central Bank of Nigeria (CBN) on its foreign exchange allocation policy, which they also believed had brought about the stability of the naira against the dollar. Gwadabe noted that a large part of their income go into paying taxes, adding that in other economies, foreign exchange rate control by government is VAT exempt. “ABCON believes there is need to make BDCs one of the channels for receiving Diaspora remittances into the economy to create more income for operators. “Other great areas to focus for diversifying our foreign exchange earnings include promoting Diaspora remittances for economic buffer and foreign reserves accretion as seen in India and United Arab Emirates where migration remittances have lifted their economies,” he said.

Source: The Guardian December 31, 2019 04:30 UTC