BDC Operators Vow To Independently Source Forex

The Association of Bureau De Change Operators of Nigeria (ABCON) has in response to the ban by the Central Bank of Nigeria, assured members of the public that Bureau De Change operators will continue to provide foreign exchange services.

ABCON disclosed that dollar sale from the CBN has helped to enhance supply and it remains a fact that BDCs were empowered to source forex from other sources and also provide other services to members of the public.

ABCON President, Aminu Gwadabe, said this in a statement meant to respond to action taken against BDCs operators on Monday.

He said that the recent decision of the CBN did not stop BDCs from providing forex services as allowed by their operating licences.

Gwadabe said the association would discuss with the CBN to address and resolve all the issues that caused the stoppage of foreign exchange sales to BDCs operators.

In his words, “BDCs are licenced 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 as 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 also disclosed that ABCON had called for a zonal national meeting of its members to discuss the action of CBN and obtain contributions for the National Bureau De Change policy.