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‘We are still in business,’ BDC operators tell Nigerians



Naira falls by N2 as CBN promo fails to stop depreciation

The Association of Bureaux De Change Operators of Nigeria (ABCON) has assured the citizens that Bureaux De Change (BDCs) operators are still providing foreign exchange services in the country.

The ABCON President, Aminu Gwadabe, stated this in a statement sent to Ripples Nigeria on Thursday.

According to him, the CBN’s recent suspension of dollar sales does not preclude BDCs from offering foreign exchange services as enshrined in their operational guidelines.

He 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) as well as payment of medical and school fees.”

The ABCON chief stressed that while the dollar sale from CBN had helped to enhance supply, BDCs are empowered to source forex from other sources and provide various services to members of the public.

Gwadabe added: “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.

READ ALSO: CBN begins refund of capital deposits, license fee to BDCs

“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.”

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