Jun 24, · The President of Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, has given reasons why there is a liquidity crisis in the foreign exchange market while also stating the sources of forex supply to the Bureau De Change (BDC) operators. The ABCON boss stated that some of the reasons include; low remittances from the International Money Transfer Service Sep 03, · ABCON: N/$ new exchange rate not sustainable – The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that the new exchange rate for the operators to sell forex at N cannot sustain their operations. He also said that funding of transactions for disbursement would commence in four zones of the country, starting from September 4 Oct 05, · Gwadebe, advising on the way forward said, “ABCON assures the public of its commitment to orderly conduct of retail forex transactions as defined and regulated by the CBN for licensed BDCs
ABCON Pledges to Sell Forex at CBN Approved Rates | Business Post Nigeria
The Association of Bureau De Change Operators of Nigeria ABCON has faulted the decision of the Central Bank of Nigeria CBN to make the Biometric Verification Number a mandatory requirement for foreign exchange transactions.
With few days to the second deadline for registration in the ongoing BVN, the Central Bank of Nigeria CBN outlawed any foreign exchange transaction without valid BVN, with effect from November 1. Besides, the apex bank said it will at the same date, discontinue sale of abcon condemns cbns new directive on forex exchange to Bureau De Change BDC operators, that did not avail it the BVN of all its directors.
ABCON, in a statement at the weekend, faulted the November 1 deadline given to BDCs, saying it is too close. It also said that making BVN mandatory for foreign exchange transactions, so soon, without adequate abcon condemns cbns new directive on forex, training and other measures, would enhance activities of the parallel market operators and widen the gap between the official exchange rate and the parallel market exchange rate.
The association noted that while it is not totally opposed to the use of the BVN for foreign transactions, it believes that the take off date is too early for such policy, in view of the preparations required for smooth implementation. Other recommendations include the harmonisation of the different operational guidelines by the CBN and the National Financial Intelligence Units NFIU ; and review of the scope of BDC operations as defined by the CBN guidelines to reflect current market realities.
CBN Director of Financial Policy and Regulation, CBN, Kevin Amugo, in a statement, said the directive has become necessary as the regulator continues its efforts to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfers out of the country.
All banks and licenced BDCs operating in Nigeria, as well as the general public are, therefore put on notice that with effect from November 1, abcon condemns cbns new directive on forex,all customers desiring to purchase forex through all available channels in Nigeria must provide their BVN, abcon condemns cbns new directive on forex, which shall be validated by the CBN authorised forex dealer through the Nigerian Interbank Settlement System platform before the transactions are consummated.
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, time: 13:25ABCON directs BDCs to sell forex at CBN’s rate - Seemberg News
Aug 31, · By Adedapo Adesanya The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it will comply with directives of the Central Bank of Nigeria (CBN) on the rates to sell forex (foreign exchange) to their customers. Nigeria is preparing to resume international flight operations from Saturday, September 5,Estimated Reading Time: 2 mins Sep 03, · ABCON: N/$ new exchange rate not sustainable – The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that the new exchange rate for the operators to sell forex at N cannot sustain their operations. He also said that funding of transactions for disbursement would commence in four zones of the country, starting from September 4 Oct 05, · Gwadebe, advising on the way forward said, “ABCON assures the public of its commitment to orderly conduct of retail forex transactions as defined and regulated by the CBN for licensed BDCs
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