The head of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, mentioned yesterday that the Central Bank of Nigeria might permit Bureaux De Change Operators to recommence foreign exchange activities at the official market, starting tomorrow.
After an emergency meeting with officials from the CBN in Abuja, Gwadabe made a statement. The Central Bank has not yet released a formal notice regarding this matter.
Gwadabe mentioned that more than 4,500 BDCs licensed by CBN will be involved in the official trading activities, along with banks acting as authorized dealers.
The Bureau de Change operators are required to deposit naira into their accounts at the Central Bank of Nigeria in preparation for the upcoming transaction.
“Our members will fund their accounts with the CBN on Monday (tomorrow) to enable them transact at the official window,” he said.
He mentioned that the central bank had advised the Bureau de Change operators about the significance of submitting reports promptly and adhering to regulations against money laundering.
Gwadabe reassured the CBN that BDCs will comply with the policy regarding the submission of returns and will consistently furnish comprehensive reports on the utilization of previously acquired dollars from the market.
The naira’s exchange rate vis-a-vis the dollar is expected to decline in the future as additional BDCs gain access to dollar reserves, according to the ABCON chief.
According to Gwadabe, while BDCs welcomed the return of dollar sales to operators, they are also expressing their desire for the CBN to provide additional avenues for them to conduct business, such as enabling access to diaspora funds.
“We want more windows to be opened for BDCs instead of restricting BDCs to official market funds,” he said.