CBN Plans To Resume Dollar Sales to Bureaux De Change Operators

President of the Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe has said that the Central Bank of Nigeria, CBN, is considering admitting Bureaux De Change, BDC operators into the interbank Forex market.

The ABCON boss made this known on Wednesday, June 29, at the interactive session between BDCs and the CBN on the new foreign exchange regime introduced by the CBN.

He noted during the session that there had been some engagements with the CBN in Abuja and the apex bank has finally accepted to create special window for the BDC operators and would also resume weekly allocation to operators.

According to him,  part of the discussion at the meeting was the need for a partnership between the CBN and BDCs, to ensure that ongoing issue on the naira exchange rate against the dollar is solved.

Gwadabe expressed concern with the complete exclusion of the BDCs from what he described as the ‘VIP’ club in the new flexible regime, coupled with the suspension of dollar sale to the BDCs and the introduction of the new guideline which further restricts the businesses of the operators.

“Following the outcome of a just concluded peace talk with the CBN, ABCON leadership wishes to assure you that sales of dollar to BDCs will resume very soon. Once again, you are urged to avoid hoarding and currency speculation and all other unethical practices,” he said.

Gwadabe said operating modalities for the policy is already being worked-out and should be ready in the next one week. Part of the guidelines is that a BDC must have an office, and properly document their transactions.

Speaking at the interactive session, the Governor of the Central Bank, Godwin Emefiele told the gathering that the management of the Central Bank was working out modalities on how to accommodate the BDCs under the new arrangement.

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