The Association of Bureau De Change Operators of Nigeria has said the Central Bank of Nigeria will soon resume dollar sale to its members, urging them to avoid hoarding of the greenback, among other malpractices.

The CBN had on January 11, 2016 stopped the dollar sale to the BDC operators in a bid to reduce pressure on the naira, saying they had become a conduit for illicit cash flows.

In a text message sent to ABCON members on Tuesday and seen by our correspondent, the President, ABCON, Alhaji Aminu Gwadabe, said, “Following the outcome of a just-ended peace talk with the CBN, ABCON leadership wishes to assure you that sales of dollars to the BDCs will resume very soon.

“Once again, you are urged to avoid hoarding, speculation and all other unethical practices. Please, render your returns accordingly.”

When contacted for comments, the CBN spokesperson, Mr. Isaac Okoroafor, told our correspondent that he was not aware of any planned resumption of forex sale to the BDCs.

Following the floating of the naira and the adoption of a single structure through the interbank/autonomous window, ABCON had last week called on the central bank to grant it the licence to operate as a primary dealer in the new interbank foreign exchange market.

The ABCON president said as a major and critical stakeholder in the forex business, it would be against the standard business practice to exclude the BDC operators from the workings of the new CBN forex policy.

He said such licence would enable the BDC operators to access Diaspora remittances estimated at $21bn annually and by extension, deepen dollar liquidity in the system.

LEAVE A REPLY

Please enter your comment!
Please enter your name here