The Central Bank of Nigeria (CBN) has approved a two- week market holidays to the Bureaux De Change operators under the Association of Bureaux De Change Operators of Nigeria (ABCON)
The BDC operators had requested for a market holiday following the ongoing Covid-19 pandemic facing the global economy
According to the president of ABCON, Alhaji Aminu Gwadabe, he said the CBN’s approval meant that sales of foreign exchange to BDCs is now suspended till further notice.
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.
The CBN had also 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.
Gwadabe advised members to observe strict guidelines on the preventive measures on the dangers of the COVID 19, wear their mask, gloves, and frequent washing of hands.
“We also want to advise members to strictly comply with their regulatory obligations on their daily operation. If you are trading, be cautious not to fall under the hand of security agencies. Don’t be involved in giving black market rates,street trading as doing so might create regulatory breach,” he said.
Gwadabe said that CBN/NFIU were tracking large movements of funds within the financial sector and noted the need to be cautious.
“Once again, accept our continuous assurances on serving you better as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them, crowd management, expansion of scope of our buisiness, lesser penalties, automation, among others,” he stated