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ABCON advises forex users not to patronize street traders


Forex rate

The Association  of Bureaux De Change Operators of Nigeria (ABCON) has asked foreign exchange buyers not to patronize street traders  because of the dangers associated with such transactions.

The advice a two-week market holiday granted to the bureaux de change (BDCs) by the Central Bank of Nigeria (CBN) during which the regulator will not sale forex to the BDCs.

This followed a request by the ABCON to the CBN for the regulator to grant it the holidays given the ongoing challenges faced in local and global economies due to the impact of the Coronavirus (COVID -19) pandemic.

In a notice  to BDC operators and directors,  ABCON President, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to BDCs is now suspended till further notice.

Gwadabe also advised the  public not to go into panic buying, hoarding  and partronasing  the street traders as  the CBN has enough reserves to sustain supplies when the BDCs return to operations.

The CBN had also acknowledged the contributions of BDCs in promoting stable exchange rate in recent months despite challenging circumstances facing the Forex market due to drop in crude oil prices.

“ This is to urgently bring to the notices of our members nation wide that following our letter of Recommendations to the CBN to grant us a market holidays on our bidding days as a proactive and preventive measures on the scourge of the novel Covid 19 epidemic and the ban on all Air/land travels. The CBN has granted our request,effective tomorrow Friday March 27,   2020,there shall be no market days henceforth for a tentative period of two weeks”.

Gwadabe advised members to observe strict guidelines on the preventive measures on the dangers of the Covid 19, wear their mask, gloves, and frequent washing of hands.

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