It is no longer news that the Central Bank of Nigeria on the 27th of July 2021 under the leadership of Godwin Emefiele issued a new directive to discontinue the disbursement of forex to BDCs which has triggered a lot of panic in the industry and the economy.
There have been questions on the lips of many like; will BDCs close down? What will happen to the future of BDCs? How will I get dollar aside going to the bank?
Thankfully, analysts and the Association of Bureau De Change Operators of Nigeria (ABCON) have provided some answers and their opinions to allay the fears and panic.
Please read the circular below;
BDCs still providing FX services-ABCON
Association of Bureaux De Change Operators of Nigeria (ABCON) has assured members of the public that Bureaux De Change (BDCs) are still providing foreign exchange services.
ABCON President, Aminu Gwadabe gave this assurance stressing that the recent pronouncement of the Central Bank of Nigeria (CBN) does not stop BDCs from providing foreign exchange services as allowed by their operating licenses and in their operating guidelines.
He said: “BDCs are licensed to provide retail FX services, including buying from the public and selling to end-users for allowable transactions namely Personal Travel Allowance (PTA), Business Travel Allowance (BTA), payment of medical and school fees.
He added that while the dollar sale from CBN had helped in enhancing supply, the fact remains that BDCs are empowered to source FX from other sources and to provide various services to members of the public.
“While the CBN has stopped dollar sale to BDCs, it has not cancelled their operating licenses, or banned them from providing FX services to members of the public”, he added.
“At ABCON, we urge our members to see the CBN pronouncement as a wakeup call and opportunity to widen their customer base and deepen their business.
“ABCON has always worked with the CBN to ensure proper working of the FX market and in line with this principle, we will engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of earring BDCs, where necessary.
“In addition to this, and since BDCs have been very effective in ensuring stable exchange rate, ABCON will work with relevant stakeholders including law enforcement agencies to develop a National BDC Policy with the aim of enhancing the contribution of the BDC subsector to the nation’s economy.
To this end, ABCON has called for a zonal nationwide meeting of members to discuss the action of the CBN and obtain contribution for the National BDC Policy”, he said.
Dr Aminu Gwadabe
By this statement, dear Customer, be assured that our license(s) is still intact and operational. This is a phase for the industry which we will overcome.
It is also pertinent to note at this point that we are doubling all our resources to make sure we continue to serve you with premium services that you have come to know us for over the years.
Thanks for your continued patronage.