The Central Bank of Nigeria (CBN) is still undecided whether to admit Bureaux De Change (BDC) operators into the interbank Forex market.

The Central Bank of Nigeria (CBN) is still undecided whether to admit Bureaux De Change (BDC) operators into the interbank Forex market.

The Central Bank of Nigeria (CBN) is still undecided whether to admit Bureaux De Change (BDC) operators into the interbank Forex market.

This was made known yesterday by the President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe during an interactive session between BDCs and the CBN as they discussed the new foreign exchange regime initiated by the CBN.

According to Gwadabe, the CBN is negotiating with Apex bank to create a special window for the BDC operators with a weekly allocation to operators.

He noted that one of the issues that were raised in the meeting was the need to ekstablish a relationship between the Central Bank and the BDCs, in order to be able to solve the problem of the naira exchange rate against the dollar.

He spoke about the exclusion of the BDCs from what he tagged as ‘VIP’ club in the new regime as well as the suspension of the sale of dollar by the BDC’s and the introduction of the new guideline which further restricts the businesses of the operators

In his words, “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 confirmed that the operating modalities for the policy was already on the pipeline and would be set in the next one week. One of the things that will be included in the guide line is that a BDC must have an office, and properly document their transactions.

Also speaking at the session was the Governor of the Central Bank, Godwin Emefiele who made it known that the CB is already working out all modalities as it relates to accommodate the BDCs under the new arrangement.


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