Bureau de change operators react after CBN decision

Naira to Dollar

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Thursday issued a statement, saying bureaux de change (BDCs) still provide foreign exchange services.

ABCON president Aminu Gwadabe said in a statement that the recent decision of the Central Bank of Nigeria (CBN) discontinuing sales of foreign exchange to BDCs did not stop operators from providing forex services.

According to him, BDCs operating licenses and guidelines allows them to continue in the business.

“BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions namely: Personal Travel Allowance (PTA), Business Travel Allowance (BTA), payment of medical and school fees.

“While the dollar sale from CBN has helped in enhancing supply, the fact remains that BDCs are empowered to source FX from other sources and also to provide various services to members of the public.

“While the CBN has stopped dollar sale to BDCs, it has not cancel their operating licenses, or banned them from providing FX services to members of the public,” he said.

Mr Gwadabe urged members to see the pronouncement as a wake-up call and an opportunity to widen their customer base and deepen their businesses.

He noted that ABCON had always worked with the CBN to ensure proper working of the foreign exchange market.

In line with this principle, Gwadabe assured that the association would engage the apex bank to address and resolve all issues leading to the recent action, including identification and sanctioning of erring BDCs, where necessary.

He pledged that the association would work with relevant stakeholders including law enforcement agencies, to develop a national BDC policy aimed at enhancing the contributions of BDC sub-sector to the nation’s economy.