ABCON moves against forex speculators, black market dealers


The Central Bank of Nigeria’s licenced Bureaux De Change operators have said they are taking steps against foreign exchange speculators and black market dealers who are distorting the naira exchange rate against the dollar and other global currencies.

Speaking during a virtual meeting with members of the Association of Bureaux De Change Operators of Nigeria across all the six geo-political zones in Nigeria, the President, ABCON, Alhaji Aminu Gwadabe, said the BDCs would not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.

The ABCON boss who spoke on the theme, “ABCON sensitisation against volatility in the exchange rate,” said licensed BDCs would continue to defend the naira through regulatory compliance and constantly support the CBN to achieve stable exchange rate and attract forex into the economy.

In a statement on Thursday titled ‘BDCs wage war against forex speculators, black market dealers’, he said the sensitisation programme would upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism.

Gwadabe said, “Please, now is the time to support the CBN to achieve stable exchange rate. Do not allow forex speculators, street hawkers to take over our business.

“Constantly comply with CBN’s regulations on rendition of returns and corporate governance practices because aside helping in stabilising the naira, the CBN examiners can visit your offices and defaulting members will be sanctioned.”

According to him, members could be spot-checked by the CBN examiners at anytime and should therefore put in necessary measures to align with the regulatory policies.


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