Fellow Nigerian, while you read this, there are too many currency dealers on the streets trying to get customers. This is why you have to be very vigilant.
These guys are trying to make a living for themselves while solving the immediate foreign exchange needs of their customers.
Unfortunately, for them, that is no formal arrangement of operation between their association and the regulatory body.
To this end many have been arrested and the Association of Bureau De Change Operators of Nigeria (ABCON) is issuing a warning.
Indeed, ABCON has warned members to desist from trading FX on the street.
ABCON president, Aminu Gwadabe, instructed members to abide by the extant laws establishing them.
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Gwadabe, made this known in a statement on Friday.
The Economic and Financial Crimes Commission (EFCC), had earlier, carried out a raid on illegal Bureau De Change (BDC) operators.
It is in a bid to address this situation that ABCON has issued the warning.
Dr. Gwadabe warned members against trading FX on the streets, and advised licensed operators against regulatory violation.
EFCC Clamps Down On Illegal Operators
Gwadabe said those apprehended by the EFCC trading forex on the streets were not licenced BDC operators.
He said the clampdown was intended to ensure only licenced and accredited retail businesses trade in the foreign exchange market.
Gwadabe said the raids were only for illegal and undocumented operators — not licensed operators.
He said that the operational guideliens of the Central Bank of Nigeria’s (CBN) do not permit us to trade on the streets or engage in unlawful transactions.
Play By CBN Rules
ABCON’s president told the members to follow CBN’s existing rules and regulations.
“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviours,” he said.
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Gwadabe said the BDC operators were excluded from the foreign exchange market.
However, effort and collaboration with the CBN is ongoing to ensure that our members return to the market, he added.
