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BDCs finally react to CBN’s action, give fresh hint on how to source for forex

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The Association of Bureaux De Change Operators of Nigeria has finally spoken on the Central Bank of Nigeria (CBN’s) placment of ban on forex supply to its memebers across the country. 

The association, however, assured members of the public that Bureaux De Change operators are still providing foreign exchange services.

The President, ABCON, Aminu Gwadabe, made this known in a statement, saying that the recent pronouncement of the CBN did not stop BDCs from providing forex services as allowed by their operating licences.

Gwadabe said the association would engage with the CBN to address and resolve all the issues that led to the stoppage of foreign exchange sales to BDC operators.

He said: “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, business travel allowance, payment of medical and school fees.

“While the CBN has stopped dollar sale to BDCs, it has not cancelled their operating licences or banned them from providing FX services to members of the public.

“At ABCON, we urge our members to see the CBN pronouncement has a wakeup call and opportunity to widen their customer base and deepen their business.

“ABCON has always worked with the CBN to ensure proper working of the FX market and in line with this principle, we will engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of earring BDCs, where necessary.

“In addition to this, and in view of the fact that BDCs have been very effective in ensuring stable exchange rate, ABCON will work with relevant stakeholders including law enforcement agencies to develop a National BDC Policy with the aim of enhancing the contribution of the BDC subsector to the nation’s economy.”

Gwadabe explained further that the ABCON had called for a zonal nationwide meeting of members to discuss the action of the CBN and obtain contribution for the National BDC Policy.

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