Bureau de Change operators deny shutting operations in Abuja

The Association of Bureau De Change Operators of Nigeria (ABCON) has shot down rumors making the rounds that it has ordered the shutting down of operations in Abuja.

Reports had emerged earlier in the day that foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market had abruptly stopped trading on Thursday morning while attributing their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market.

Reacting to the development, ABCON, in a circular dated February 1, 2024 and titled “Clarification On No Sales Policy/Shutdown Of Market In Abuja” and obtained by Ripples Nigeria debunked the development while urging its members to continue their day-to-day activities and in strict adherence to guidelines.

According to the circular signed by the National President, Alhaji Aminu Gwadabe and Regional Chairman of the North Central, Alh. Shehu Mahmud it had become imperative to address the misinformation promptly to avoid unnecessary panic and confusion among the public, businesses, and investors.

“We are writing to provide clarification and dispel any misconceptions regarding recent rumors of a shutdown of forex transactions in Abuja.

“Contrary to these unfounded reports, we want to assure you and the public that this information is not from our central body and nether the zonal council. As professional and licensed BDC operators guided by the Central Bank of Nigeria regulation, there are procedures and channels for communicating our grievances.

“We urge our members to be law abiding in the day-to-day activities in the financial markets, including foreign exchange activities and continue to operate smoothly and without interruption because no directive has been given by our Association.

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“It is crucial to address misinformation promptly to avoid unnecessary panic and confusion among the public, businesses, and investors. Please consider disseminating this information through your platform or relevant channels to help correct any misconceptions.

Kindly awaits the outcome of our continuous engagements with the relevant authorities and accept our assurances for a better day ahead” the statement reads.

Meanwhile, Gwadabe in an exclusive chat with Ripples Nigeria lauded the recent moves by the Central Bank of Nigeria (CBN) in removing the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs) and circular to banks on hoarding and Net Open Position, saying those moves have begun to impact the forex market positively already.

He, however called on the apex bank to revisit the issue of the suspension of the BDC window in the market to sustain the tempo.

“The recent CBN directives to IMTOs on the removal of cap on exchange rate and the circular to banks on their Net Open Position have started impacting the value of the naira positively.

I am happy to note that the naira is appreciating positively against the green back.

It is therefore pertinent to sustain the tempo the CBN should in the immediate term revisit the suspension of BDCs window in the market” he said.

By Babajide Okeowo

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