ABCON Advises Forex Users To Patronise CBN-Licenced BDCs

The Association of Bureaux De Change Operators of Nigeria has advised foreign exchange users and the general public to patronise only BDC operators licensed by the Central Bank of Nigeria in order to get dollars at the approved rate.

In a statement on Sunday, the President, ABCON, Aminu Gwadabe, said the parallel market activities had for years become major drivers of the exchange rates, adding that control over such transactions had become burdensome.

He said forex speculators were capitalising on the state of the forex market and the naira to sell dollars above the CBN-approved margin.

Gwadabe said CBN-licenced BDCs were not selling dollars to end-users above the N2 per dollar margin set by the regulator to protect the naira against forex speculators and ensure exchange rate stability.

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He said ABCON had continued to ensure that BDCs filed their reports as and when due, adding that the BDCs also do customers’ Know Your Customer and due diligence reports.

He said while BDCs were licensed to offer retail, across-the-counter forex transactions, they played critical roles in the economy and had contributed to the economic development of the country.

He said they ensured order and confidence in the forex market, provided data for monetary policy, channels for CBN intervention in retail forex market and creation of over 15,000 jobs among others.

ABCON had therefore assured the public of its commitment to orderly conduct retail forex transactions as defined and regulated by the CBN for licensed BDCs, he said.