ABCON supports CBN on stable exchange rate

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said BDC operators will continue to support the Central Bank of Nigeria in achieving a stable exchange rate in the country.

He said this during a virtual event on ‘Resumption of foreign currency sales to BDCs’ after the CBN announced it would resume foreign exchange sales to the BDCs.

“The operators are assuring the CBN of the continued cooperation of ABCON in ensuring stable exchange rate and compliance with regulatory requirements by BDCs,” he said.

Gwadabe commended the apex bank for the resumption of dollar sales to BDCs.

He urged BDC operators to reciprocate the gesture of the CBN by ensuring strict compliance with all regulatory requirements.

The ABCON president charged the BDC operators to avoid any transaction not within the scope allowed by the apex bank so as to avoid sanctions.

While speaking on other measures by the BDCs, he said COVID-19 preventive measures like wash-hand basins, hand sanitisers and face masks had also been provided to members before they resumed operations on Monday.

He called on the CBN to allow BDCs to carry out online documentation to avoid physical contact with persons due to the pandemic.

Gwadabe called on members to always render returns to CBN, cautioning them also not to sell to unauthorised buyers.

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