‘CBN licence empowers BDCs to source for forex from public’

Association of Bureaux De Change operators of Nigeria (ABCON) has assured members of the public that it was still providing foreign exchange services, insisting that the operating licence issued by the Central Bank of Nigeria (CBN) empowered Bureaux De Change (BDCs) to source for forex from other sources.

ABCON president Aminu Gwadabe disclosed this in Lagos while reacting to the CBN recent pronouncement regarding the conciliation of sales of foreign exchange to BDCs.

He said CBN only stops allocation of forex directly to BDC, but it does not stop BDCs from providing foreign exchange services as allowed by their operating licenses and also in their operating guidelines.

He said, “BDCs are licensed to provide retail forex services, including buying from the public and also selling to end-users for allowable transactions namely Personal Travel Allowance (PTA), Business Travel Allowance (BTA), payment of medical and school fees.

“While the CBN has stopped dollar sales to BDCs, it has not cancelled their operating licenses, or banned them from providing forex services to members of the public. At ABCON, we urge our members to see the CBN pronouncement as a wake-up call and opportunity to widen their customer base and deepen their business.”

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