Bureau De Change operators laud new measures on Forex

The Association of Bureau De Change (BDC) Operators of Nigeria on Tuesday said that the new foreign exchange measures of the Central Bank of Nigeria (CBN) would sanitise the money market.

A statement issued in Lagos by Alhaji Aminu Gwadabe, ABCON Acting President, said that the measures would soon stabilise the exchange rate of the naira.

It said that the measures were in line with the association’s position on full compliance with foreign exchange regulatory requirements.

The statement said that the association would support all efforts by the CBN to stabilise the naira exchange rate.

“The association has a zero-tolerance stance when it comes to compliance with regulatory requirements, especially rendition on returns, compliance with approved limits for foreign exchange transactions,” it said.

The association said that it would not hesitate to sanction or report to the CBN any member found guilty of not complying with foreign exchange requirements.

“Any BDC that is not playing by the rules is a threat to the business and to other operators as well as the foreign exchange market”.

NAN recalled that the CBN, on Sept. 27, suspended its Wholesale Dutch Auctions (WDAS) to check money laundering in the foreign exchange market.

A circular by CBN to BDC operators said that the twice-weekly wholesale foreign exchange auction had been replaced by a retail version.

The retail version requires dealers to reveal the identity of their buyers.

The CBN also revoked the licence of 20 BDC operators allegedly for money laundering.

The apex bank said that it investigations showed that commercial banks were importing billions of U.S. dollars for onward sale to the affected BDCs. (NAN)