Bureau De Change Operators in Nigeria were, Monday, warned to desist from sharp practices in the foreign exchange market to avoid losing money.
Aminu Gwadabe, Association of Bureau De Change Operators of Nigeria, ABCON, gave the warning at an emergency meeting organised by the association.
Mr. Gwadabe also warned his members that their directors have been placed under security watch to check sharp practices.
The meeting, held in Lagos, was put together to sensitise members on how to comply with the rules of the association and the Central Bank of Nigeria, CBN’s regulations in their daily operations.
Mr. Gwadabe, who explained that the purpose of the emergency meeting was to address current issues that have emerged in the market, warned members not to keep forex as the CBN is determined to inject liquidity into the system.
“If you think you are keeping money (forex), you are deceiving yourselves; you are going to lose money. The CBN is going to inject liquidity into the system,” the ABCON chief said.
“Let us not be deceived. No amount of frustration or coercion will stop the CBN as it has agreed to give liquidity and it will be a surprise,” he said, adding that BDC directors should endeavour to cooperate with the CBN and security agencies in their efforts to stabilise the foreign market and the exchange rate.
“Of course, we cannot completely claim some of us are not part of the parallel market operator. We cannot say no to it until we all agree to do it well and comply with all directives,” he said.
“That is when the regulators, security agencies will be willing to at least listen to what we are telling them.
The ABCON boss told members that they are expected to comply with the Know-Your-Customer policy, cash transaction report, and association transaction report.
Mr. Gwadabe also pointed out that the recent fall in the value of the naira against the United States dollar was completely unacceptable, adding that BDC operators have a role to play for the naira to regain its loss.
He, however, warned that security agencies have put the operators under watch, adding that they should operate within the ambit of the law.
“Again, the security agencies and regulators have put the directors of the BDCs under watch. Don’t say you have not been informed.”