The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised foreign exchange buyers against using street traders because of the dangers associated with such transactions.
The advice followed few months market holiday granted to the bureaux de change (BDCs) by the Central Bank of Nigeria (CBN) during which the regulator will not sell 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. But ABCON is now working with the CBN to finalize plans for the BDCs to start getting dollars from the apex bank.
In a notice to BDC operators and directors, ABCON President, Alhaji Aminu Gwadabe, advised the public not to go into panic buying, hoarding and partronising 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 until further notice”.
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.
“We also want to advise members to strictly comply with their regulatory obligations on their daily operation. If you are trading be cautious not to fall under the hand of security agencies. Do not be involved in giving black market rates street trading as doing so might create regulatory breach,” he said.
Gwadabe said that CBN/Nigerian Financial Intelligence Unit (NFIU) are tracking large movements of funds within the financial sector and the need to be cautious.
“Once again accept our continuous assurances on serving you betters as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them crowd management, expansion of scope of our business, lesser penalties, automation, among others,” he stated.