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CBN Grants Bureaux De Change Market Holiday

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The Central Bank of Nigeria, CBN, has approved two weeks holiday for the Bureaux De Change, BDC, operators effective from Friday March 27,2020.

The Association of Bureaux De Change Operators of Nigeria, ABCON, earlier requested that the CBN grant them market holidays due the ongoing challenges faced in local and global economies caused by the impact of the current pandemic.

The President, ABCON, Alhaji Aminu Gwadabe, issued a notice to BDC operators and directors which stated that the CBN’s approval of market holidays meant that sales of foreign exchange to the BDCs were suspended till further notice.

The statement read: “This is to urgently bring to the notice of our members nationwide that following our letter of recommendations to the CBN to grant us market holidays on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels, the CBN has granted our request, effective Friday March 27, 2020

“There shall be no market days henceforth for a tentative period of two weeks.”

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Gwadabe advised the members to adhere to rules in their operations and warned them to refrain from giving black market rates as doing so would create regulatory breach.

“We also want to advise members to strictly comply with their regulatory obligations on their daily operations.

“If you are trading, be cautious not to fall into the hand of security agencies. Don’t be involved in giving black market rates, street trading as doing so might create regulatory breach,” he said.

CBN also acknowledged the contributions of the BDCs in promoting stable exchange rate in recent months, despite challenging circumstances facing the forex market due to drop in crude oil prices.

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