Despite the recent Central Bank of Nigeria (CBN)’s decision to stop the sale of foreign exchange to Bureau De Change Operators across the country, the forex retailers will still continue their services in line with their operating licenses and guidelines.
Gatekeepers News quoted the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe as saying the BDCs will continue to provide foreign exchange services to the public.
The CBN Governor, Godwin Emefiele on Tuesday noted that the BDC operators have become a channel for illegal financial flows, saying they have collided with corrupt people to launder money in Nigeria.
In his reaction, Gwadabe 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 (PTA), Business Travel Allowance (BTA), payment of medical and school fees.”
Gatekeepers News reports that the ABCON President noted that even though the dollar sale from the apex bank had 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 cancelled their operating licenses, or banned them from providing FX services to members of the public”, he added.
“At ABCON, we urge our members to see the CBN pronouncement as a wake-up 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”, he said.
