The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged members to strictly comply with regulatory obligations on their daily operations.
The ABCON President, Alhaji Aminu Gwadabe who made this call in Lagos over the weekend also warned members to be cautious in trading not to fall under the hand of security agencies or involved in giving black market rates,street trading as doing so might create breach of regulatory rules.
According to him “We want to advise members to strictly comply with their regulatory obligations on their daily operations. if you are trading be cautious not to fall under the hand of security agencies.Dont be involved in giving black market rates,street trading as doing so might create regulatory breach,”
Gwadabe said that CBN/NFIU are tracking large movements of funds within the financial sector and they need to be cautious in whatever they are doing.
He, however, said that the CBN had acknowledged the contributions of BDCs in promoting stable exchange rate in recent months despite challenging circumstances facing the Forex market due to drop in crude oil prices.
He said that CBN has granted a two week market holidays to the BDC operators following ABCON’s letter of recommendations to the CBN to give them holiday on their bidding days as a proactive and preventive measures on the scourge of the novel Covid 19 epidemic and the ban on all Air/land travels.
Gwadabe also advised the public not to go into panic buying, hoarding and partronasing the street traders as the CBN has enough reserves to sustain supplies when the BDCs return to operations.
Blueprint also gathered that suspension of forex sales to BDC operators become necessary due to the sharp drop in demand for dollars, which was caused by the impact of the coronavirus on global trade and travels.
