The Association of Bureaux De Change Operators of Nigeria (ABCON) have appealed to the Central Bank of Nigeria (CBN) to allow its members include electronic trading of foreign exchange (FX) to their business, saying it will ease demand pressure in the market and create value for the economy.
ABCON President, Alhaji Aminu Gwadabe made the appeal, during a webinar organised for its members with the theme: ‘The Impact and Roles of BDCs Challenges and Way Forward.’
He also urged members to strictly adhere to the rules guiding operations in the sub-sector by selling at the rate fixed by the CBN.
Gwadabe said: “Technology is a threat whether we like it or not and we have been urging the CBN to allow us operate within the payment space. Our request to the CBN and the federal government is to continue to empower us more especially in the payment space.
“The world is now in the fourth generation and it is no more in the traditional method of doing business even agriculture is digital, so we are appealing to the CBN to allow us be on the digital payment space. As this will deepen the economy, further converge the rate, further deepen liquidity and empower the BDC.”
Further speaking, Gwadabe said: “Some of us want to be ungodly and trading on parallel market rate is highly unacceptable. The CBN has said it is highly unacceptable, ABCON has said it is highly unacceptable and so we are calling on all the directors of BDCs to please ensure that you don’t sell to willing customers. Any willing customer that says he wants to buy at N465 is not your customer and they would land you sanctions and get penalties.”
He further added that monies found on operators carrying out illegal trades would be seized by the relevant authorities.
He said: “Any dollar you found trading on the street is going to confiscated and would become federal government’s property. Any dollar you try to courier via border movement at the airport is also government property.”
