Licensed BDC Operators Support Crackdown on FX Street Traders
By Patience Ikpeme
Licensed Bureau De’Change Operators have thrown their weight behind the ongoing crackdown on street traders of foreign currencies across the country.
The President of the Association of Bureau De’Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, conveyed this endorsement in a conference call with journalists in Abuja on Wednesday night.
Mr. Gwadabe highlighted the importance of distinguishing between licensed operators and street traders. He emphasized that licensed Bureau De’Change operators adhere to strict criteria and regulations set by the Central Bank of Nigeria (CBN). He also noted that the raids and arrests were targeted at unauthorized street traders and not at licensed operators.
Acknowledging the challenges posed by street traders, Mr. Gwadabe expressed his support for any actions aimed at removing street trading. He commended the government and CBN for their efforts to sanitize the foreign exchange market. He also praised the CBN for its engagement with stakeholders in the industry, including the Bureau De Change Association.
Mr. Gwadabe highlighted the volatility in the forex market and stated that stakeholders are working to address the factors causing the instability. He reiterated the importance of continuous engagement with the CBN and emphasized the need for reforms in the sector. He also mentioned the Association’s plans to automate the retail exchange market, urging the CBN to give its approval for the automation system.
Mr. Gwadabe urged all licensed Bureau De’Change operators to operate within their offices and comply with regulatory requirements. He emphasized the importance of caution and adherence to the rules set by the CBN. The Association is committed to revolutionizing the retail exchange market and looks forward to collaborating with the CBN to achieve this goal.
