Forex: BDC operators meet, threaten sanctions against erring members

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The Association of Bureaux De Change Operators of Nigeria, ABCON, will meet on Monday to discuss how to force down the exchange rate in the parallel market.

Bureau De Change
Bureau De Change

A statement released by ABCON, Sunday, said the emergency meeting followed last week’s sudden depreciation of the naira against the dollar.

The president of the association, Aminu Gwadabe, said the development was against the interest of the BDCs and the economy.

Mr. Gwadabe, who said the theme of the meeting was “Role of the BDCs in price stability – Realities and compliance”, said the meeting would equally be used to warn errant BDC operators on the consequence of violating operating guidelines.

On Friday, the naira closed at 405/dollar after stabilising at N380/dollar the previous week.

The ABCON boss said the BDCs would continue to support the Central Bank of Nigeria’s exchange rate stability objective and ensure that the official and parallel market rates’ convergence was achieved.

“We want the BDC directors to know the gains of price stability, rate harmonisation and regulatory compliance,” he said, adding that operators with infractions will face penalties.

“We did it in 2006 when the BDC window was first opened. We helped the CBN to narrow the huge gap between official and parallel market rates.

We are ready to do it again,” the ABCON chief said.

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