ABCON Warns Operators Against Street Trading Of Forex

Dollar To Naira Exchange Rate Today (Mon. July. 24, 2023)

The Association of Bureau De Change Operators (ABCON) has warned its members to desist from street trading of forex.

The association, in a communique on resolutions made by its directirs in a meeting on Tuesday, said it will commence ‘Operation No Street Trading’ to stop the hawking of foreign currency by BDC operators.

The President, ABCON, Alhaji Aminu Gwadabe, who signed the resolutions, warned that non-compliance will not be condoned and errant members will be sanctioned.

He said, “All operators to collaborate in bringing down the forex rates in the market; street trading by BDC should be discouraged/banned and ABCON will commence operation ‘no street trading’.

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“BDCs should improve return rendition to regulatory authorities; margin review to meet operational requirements; widening the scope of transactions; digitalisation of BDC operations.

“ABCON to punish errant members; ABCON compliance officer and staff to commence nationwide supervision of BDC operations.”

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