The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed its gratitude to the Central Bank of Nigeria (CBN) for allowing the sale of interbank foreign exchange (FX) to its members.
In a recent announcement, the CBN granted eligible bureau de change (BDC) operators temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM), permitting them to purchase $25,000 weekly from banks between December 19 and January 30.
Following this development, Aminu Gwadabe, ABCON’s president, stated that members are pleased with the CBN’s decision, which enables them to access the new electronic foreign exchange matching system (EFEMS) through banks.
Gwadabe highlighted that the initiative aims to enhance compliance with obligations to security and monetary agencies, emphasizing the critical role BDCs play in meeting retail market needs.
He noted that the implementation of this circular is expected to inject liquidity into the retail end of the market, improve price discovery amidst volatility, stabilize exchange rates, and reduce illegal activities such as speculation and currency substitution.
Additional benefits include job creation, data generation, lower inflation rates, and improved security conditions.
Gwadabe urged ABCON members to adhere to the directives outlined in the circular to help appreciate the local currency. He also encouraged members to submit their returns regularly, operate from their offices, and ensure smooth automation of their processes.
Furthermore, he called on banks to maintain transparency and fairness in their dealings with BDC members across the nation.
OBSERVERSTIMES recalled that the CBN had granted eligible bureau de change (BDC) operators temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly from banks between December 19 and January 30.
