ABCON Recommends Only CBN-Licensed BDCs

Foreign exchange customers and the general public should only utilize CBN-licensed bureaux de changes (BDCs) to receive dollars at the permitted rate, according to the Association of Bureaux De Change Operators of Nigeria (ABCON). ABCON president Alhaji Aminu Gwadabe said in a statement issued over the weekend that only CBN-licensed BDCs follow regulatory requirements for selling dollars at allowed rates. Gwadabe encouraged members of the public to always do business with CBN-licensed BDCs that follow all regulations and follow worldwide best practices. He claimed that parallel market operations have been important drivers of exchange rates for years, and that maintaining […]