Forex: Why CBN must consult with BDC operators — ABCON

The leadership of the Bureau De Change Operators of Nigeria (ABCON) has said the Central Bank of Nigeria (CBN) must urgently consult with the licensed BDC operators to resolve the issues that trailed the regulator’s foreign exchange (forex) suspension policy.

CBN had recently announced the discontinuation of the sale of forex to BDC operators in the country, citing unwholesome practices of the BDCs.

• How police ‘extort’ victims before tracking kidnappers, thieves
• PODCAST: Genital Infections: ‘Why Use of Herbal Concoctions Is Dangerous‘

The President of ABCON, Alhaji Aminu Gwadabe, told newsmen in Lagos on Sunday that the implementation of the policy had worsened the economic woes confronting Nigerians.

Alhaji Aminu said ABCON had created over N300bn assets in the economy and employed over 40,000 people.

With the CBN’s policy, Gwadabe said if the policy was not reversed, it would worsen the alarming unemployment situation.

Gwadabe who noted that his association was not consulted by CBN before the policy, however, said: “I am not exonerating my members from some of the allegations levelled against BDCs, but it is not possible to sanitise a problem with another problem.

“As it is now, $1 exchanges for over N500, which cannot be reversed in the short run. So, there is an urgent need for the CBN to go back to the drawing board, consult with the licensed BDC operators and together proffer solutions.”