The Association of Bureau De Change Operators of Nigeria (ABCON) has cautioned Bureau De Change (BDC) operators on the need to abide by extant laws establishing them.
ABCON President, Alhaji Aminu Gwadabe, made the appeal against the backdrop of arrests of parallel market operators by security personal nationwide.
He inoted that those trading FX on the streets, being arrested by the Economic and Financial Crimes Commission (EFCC), were not licensed BDC operators.
He noted that the nationwide EFCC raids and clampdown on street hawkers of FX was to ensure sanity and standardisation of retail and foreign exchange market.
According to him. the move is to ensure only licenced and accredited retail traders are allowed to trade in the market.
The ABCON boss further explained that the raids were only limited to unlicensed and undocumented operators and not targeted at licenced operators.
He said ABCON and its members were not allowed to trade on the streets or carry unauthorised dealings outside the purview of the Central Bank of Nigeria’s operational guidelines.
He therefore called on all BDCs to ensure they operated within the guidelines of the extant rules and regulations of the CBN.
“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviours.
“It is also important to note that our members are excluded in the foreign exchange market and all efforts and collaborations with the Central Bank are ongoing to ensure the return of our members participation in the market,” Gwadabe said.
