The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for lifting the suspension of sales of interbank foreign exchange to its members nationwide.
Its President, Dr Aminu Gwadabe, gave the commendation in a statement on Friday in Lagos.
The News Agency of Nigeria (NAN) reports that the apex bank lifted the ban in a circular on Thursday to meet expected seasonal demand for foreign exchange.
CBN opened a temporary window from Dec. 19 to Jan. 30, 2025, for all existing BDCs to purchase FX from authorised dealers, subject to a weekly cap of $25,000.
Gwadabe expressed delight that CBN also considered its members’ accessibility to the new Electronic Foreign Exchange Matching System (EFEMS) market through the banks.
“This development is a testament to the CBN’s recognition of our third-level roles in the foreign exchange market architecture,” he said.
He listed benefits to be achieved in the implementation of the circular to include job creation, taming inflation, and boosting FX liquidity to the retail end, among others.
“To our members, it will revitalise our operations, making us functional and profitable.
“It will also improve our compliance obligations to security and monetary agencies.
“I therefore urge all our members to act within the directives in the circular and ensure the desired result of the appreciation of our local currency is sacrosanct,” he said.
According to him, BDCs should render their returns regularly, operate inside their offices and ensure seamless automation of their process.
“Finally, I plead with the banks to ensure transparency, level playing field in the discharge of their responsibilities to our members nationwide,” he said.