Following recent reports on the plan by Central Bank of Nigeria (CBN) to stop sale of foreign currency to bureaux de changes (BDCs) in the country, operators are asking for a clear roadmap for the BDC forex market.
The umbrella body of BDCs, Association of Bureau de Change Operators of Nigeria (ABCON) in a statement on Sunday said speculation and media reports on the direction of the CBN on Forex sales will further depress the depreciating value of the naira.
In the statement by its acting President Aminu Gwadabe, ABCON said, “The current CBN engagement of media war and derogatory remarks on BDCs from some of its directors on TV stations will only worsen the fragile naira and not strengthen it.
“The CBN should as a matter of urgency come out with a roadmap of where BDCs operations are going to be in 2016, sensitise operators, train them to avoid the growing mistrust between the operators and the regulators.”
The BDC Association said it noted “with dismay how the media and the regulators blamed BDCs as the major cause of naira volatility in the market and close their eyes on the activities of major participants in the foreign exchange market.
“As law-abiding entities and concerned Nigerians, the BDCs operators have in various means and form over time till now supported and partnered with CBN in its general price stability objectives and specifically, the foreign exchange rate stability in the market.
“There is no gainsaying the fact that the BDCs subsector has since 2006 to date remained the most effective and efficient CBN monetary tool of foreign exchange stability.”
-Leadership