The Association of Bureaux De Change Operators of Nigeria has advocated for reforms that will reduce government spending and also curb the rising trend in the nation’s public debt.
The association has also reiterated its commitment to enhancing capacity of BDC operators especially through the ongoing nationwide training of operators on BDC operations.
They said it would boost government efforts to achieve a stable exchange rate of the naira.
The association disclosed this in its Quarterly Economic Review for the second quarter of the year, that the vulnerabilities identified with the rising debt profile exposes the country to the risk of future high economic and development costs of having to deal with large debt overhangs.
Stressing the need for caution in decision making in government circles, ABCON stated: “The fact that remarkable economic recovery is not certain and the rather unstable state of financial markets is indicating that the country could be on the verge of a major debt crisis.”