- Travelex, FBN Sell Forex to BDCs
Foreign exchange liquidity challenges in Abuja and environs will be expected to ease now as Travelex and First Bank of Nigeria Limited begin the sale of foreign exchange to Bureau De Change operators in the North, according to a News Agency of Nigeria report.
The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told NAN in an interview on Wednesday in Lagos.
Gwadabe said that the CBN brokered a meeting between Travelex and ABCON which led to the commencement of the sale of forex in Abuja, Kano and by extension, Port Harcourt.
He said First Bank of Nigeria and Travelex had been directed by the CBN to sell forex to the BDCs in Abuja, Kano and Port Harcourt.
He said that the BDCs in Abuja got $20,000 each from the sale of forex by First Bank on Tuesday, adding that Abuja and environs would also benefit from the sale.
The ABCON chief noted that the BDCs in Abuja and its environs were expected to begin documentation and biometric registration with Travelex on Thursday.
Gwadabe commended the CBN for listening to its call on the commencement of forex sale in the North.
He expressed appreciation to Travelex for showing understanding, adding that ABCON’s earlier call for the appointment of another distributor was to ensure an easy and smooth distribution of forex.
Gwadabe explained that ABCON had continued to educate its members on the need to play by the rules of the regulator in ensuring that the naira recovered fully.
He assured the CBN that the automation of its operations was to ensure transparency in the forex distribution network and to frustrate any effort to slow the wheel of progress.
The ABCON boss appealed to genuine travellers and businessmen to leverage the gains of the present window in purchasing forex at the BDCs and other approved places.
He said, “The naira is expected to appreciate further in Abuja and its environs as the CBN has appointed First Bank and Travelex to sell forex in that region.
“ABCON is grateful to the CBN, Travelex and First Bank for ensuring that the naira is rescued from the hands of its enemies.”
NAN reported that since the CBN appointed First Bank and Travelex to sell the proceeds of Diaspora remittances to the BDCs, the naira has continued to appreciate in all the segments of the market.
There have been agitations by stakeholders in the forex market on the perceived delay in the coming on board of Travelex to Abuja and its environs.
The present approach is expected to improve liquidity in the forex distribution chain.