The Association of Bureaux De Change Operators of Nigeria (ABCON) has encouraged foreign exchange users to patronize bureaux de change (BDCs) licences by Central Bank of Nigeria (CBN) to get dollars at the approved rate.
The President of ABCON Alhaji (Dr) Aminu Gwadabe, who made this call over the weekend said only BDCs licenced by CBN operate with regulatory guidelines of selling dollars at approved rate.
He said that parallel market activities have for years become major drivers of the exchange rates and control over such transactions have become burdensome, stressing that forex speculators are capitalizing on the state of the foreign exchange market and the naira to sell dollars above CBN approved margin.
Gwadabe said that CBN-licenced BDCs are not selling dollars to end users above the N2 per dollar margin set by the financial sector regulator to protect the naira against foreign exchange speculators and ensure exchange rate stability.
The ABCON Executive Council also denied report , claiming that the CBN-licenced BDCs bought dollars at N393 to dollar and sold at N494 to dollar, representing N101 margin.
The ABCON Executive Council has brought the inaccurate report to the attention of the Nigerian Press Council, urging it to call those responsible for the misleading report to order.
