{"id":64397,"date":"2021-07-30T08:59:29","date_gmt":"2021-07-30T07:59:29","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=64397"},"modified":"2021-07-30T08:59:29","modified_gmt":"2021-07-30T07:59:29","slug":"bdc-operators-cbns-decision-to-halt-fx-sales-doesnt-hinder-us-from-providing-service","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/30\/bdc-operators-cbns-decision-to-halt-fx-sales-doesnt-hinder-us-from-providing-service\/","title":{"rendered":"BDC operators: CBN\u2019s decision to halt FX sales doesn\u2019t hinder us from providing service"},"content":{"rendered":"<p>The Association of Bureaux De Change Operators of Nigeria (ABCON) has stated a recent decision by the Central Bank of Nigeria (CBN) does not hinder its members from providing foreign exchange (FX) to members of the public.<\/p>\n<p>Recall that the CBN on Tuesday announced that it would discontinue sales of FX to BDCs.<\/p>\n<div align=\"left\">\n<p dir=\"ltr\">Governor of the apex bank, Godwin Emefiele had accused BDC operators of turning away from their objectives.<\/p>\n<p dir=\"ltr\"><span style=\"text-transform: initial\">But in a statement on Thursday, Aminu Gwadabe, president of ABCON, said BDC operators are still providing FX services.<\/span><\/p>\n<p dir=\"ltr\">He said the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/29\/cbn-orders-dmbs-to-sell-fx-to-customers\/\">CBN<\/a> decision does not invalidate the operating licence owned by BDC operators.<\/p>\n<p dir=\"ltr\">Gwadabe added that while the dollar sale from CBN had helped in enhancing supply, BDCs are empowered to source FX from other sources and also to provide various services to members of the public.<\/p>\n<p dir=\"ltr\">\u201cBDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions namely Personal Travel Allowance (PTA), Business Travel Allowance (BTA), payment of medical and school fees,\u201d he said.<\/p>\n<p dir=\"ltr\">\u201cWhile the CBN has stopped dollar sale to BDCs, it has not cancel their operating licenses, or banned them from providing FX services to members of the public.<\/p>\n<p dir=\"ltr\">\u201cAt ABCON, we urge our members to see the CBN pronouncement has a wake up call and opportunity to widen their customer base and deepen their business.\u201d<\/p>\n<p dir=\"ltr\">Gwadabe said ABCON has always worked with the CBN to ensure proper working of the FX market.<\/p>\n<p dir=\"ltr\">He said the association would engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of erring BDCs where necessary.<\/p>\n<p dir=\"ltr\">\u201cIn addition to this, and in view of the fact that BDCs have been very effective in ensuring stable exchange rate, ABCON will work with relevant stakeholders including law enforcement agencies to develop a National BDC Policy with the aim of enhancing the contribution of the BDC subsector to the nation\u2019s economy,\u201d he said.<\/p>\n<p dir=\"ltr\">\u201cTo this end, ABCON has called for a zonal nationwide meeting of members to discuss the action of the CBN and obtain contribution for the National BDC Policy.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Association of Bureaux De Change Operators of Nigeria (ABCON) has stated a recent decision by the Central Bank of Nigeria (CBN) does not hinder its members from providing foreign exchange (FX) to members of the public. Recall that the CBN on Tuesday announced that it would discontinue sales of FX to BDCs. Governor of [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":63523,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[14531,658,3108,14532],"class_list":["post-64397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-association-of-bureaux-de-change-operators-of-nigeria-abcon","tag-cbn","tag-godwin-emefiele","tag-personal-travel-allowance-pta"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BDC operators: CBN\u2019s decision to halt FX sales doesn\u2019t hinder us from providing service<\/title>\n<meta name=\"description\" content=\"The Association 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