The Association of Bureau de Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for extending the timeframe for eligible bureau de change (BDC) operators to access the Nigerian autonomous foreign exchange market (NAFEM) for foreign exchange (FX).
According to NAN on Monday, Aminu Gwadabe, ABCON president, said the move aligns with CBN’s efforts to ensure continuity in stabilising the FX market.
The apex bank officially extended the deadline on Monday, allowing eligible BDC operators to access the NAFEM for FX transactions until May 30.
Speaking to NAN, Gwadabe raised concerns that banks did not comply with the apex bank’s initial notice issued in December 2024, which granted BDC operators temporary access to NAFEM to purchase $25,000 weekly from December 19, 2024, to January 30, 2025.
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The ABCON president asked all deposit money banks to collaborate with the CBN and BDC members to fully implement the circular to ensure smooth operations.
“ABCON and its members indeed received the news as a good development. We considered it as part of the CBN efforts at ensuring continuity and its determination for the inclusiveness of our sub-sector in the EFEM Market,” Gwadabe said.
“We, however, call on all money deposit banks to partner with CBN and our members in the implementation of this circular, to ensure liquidity in the retail end sector and the Naira’s ongoing stability.
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“On behalf of my members, I extend my sincere gratitude to the CBN management for their flexibility and transformative leadership.”
Gwadabe assured that BDC operators would remain a crucial third-leg mechanism, fully committed to reducing volatility and narrowing the gap between the parallel market and the EFEM market.
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