ABCON asks members to comply with FX regulations, stop street trading

The Association of Bureau De Change Operators of Nigeria (ABCON) has instructed its members to abide by extant laws establishing them.

Aminu Gwadabe, ABCON president, made this known in a statement on Friday.

The development comes amid the raid conducted against illegal Bureau De Change (BDC) operators by the Economic and Financial Crimes Commission (EFCC). 

Speaking on the issue, Gwadabe warned licenced operators against regulatory violation, urging members against engaging in street trading. 

He said those apprehended by the EFCC while trading forex on the streets were not licenced BDC operators.

ABCON president said the clampdown was intended to ensure only licenced and accredited retail businesses trade in the foreign exchange market.

Gwadabe said the raids were only for illegal and undocumented operators — not licenced operators.

He said ABCON and its members were not permitted to trade on the streets or engage in unlawful transactions beyond the scope of the Central Bank of Nigeria’s (CBN) operational guidelines.

ABCON’s president told the members to follow CBN’s existing rules and regulations.

“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviours,” he said.

Gwadabe said BDC operators are excluded from the foreign exchange market and collaboration with the CBN is ongoing to ensure the return of the members’ participation in the market.