Licensed Bureau De’Change operators have expressed support for government’s crackdown on persons selling and buying foreign currencies on the streets.
President of the Association of Bureau De’Change Operators of Nigeria (ABCON) Aminu Gwadabe, advised that the ongoing raids and arrests of such traders should not be misconstrued.
Gwadabe told reporters at a news conference in Abuja that FX street traders ambush the customers of licensed operators, thereby causing a lull in their operations.
He said: “What is happening is not targeted at licensed Bureau De’Change but the operators of FX street trading.
“For us, we are against street trading and support any actions that will remove FX street traders. Their activities affect me also. I have an office but my clients cannot come to my office because of the menace of street traders.”
The ABCON boss commended the government and the Central Bank of Nigeria (CBN) for initiating efforts to sanitise the FX market.
Gwadabe also praised the CBN for being receptive to engagements and partnerships.
“I thank the management of the CBN. In the last two and a half years, this is the first time we have seen engagement and a listening CBN. We have seen how to collaborate to ensure that we get solutions to our problems and those of the nation.”
On the volatility in the FX market, Gwadabe explained that various factors, including the imbalance between supply and demand and liquidity, were responsible.
The ABCON boss also said the association has developed an automation platform, which if okayed by the CBN, would help revolutionise the retail FX market.
He urged members of the association to strictly adhere to all FX regulations and conduct their operations within their offices.
