ABCON boss cautions members on regulatory infringement

The Association of Bureau De Change Operators of Nigeria (ABCON) has cautioned its members on the need to abide by extant laws establishing them.

ABCON President, Alhaji Aminu Gwadabe, in a statement on Friday, warned licensed operators against regulatory infringements that would dent their image.

He insisted that those trading forex on the streets being arrested by the Economic and Financial Crimes Commission (EFCC) were not licensed BDC operators.

The nationwide EFCC raids and clampdown on street hawkers of forex is to ensure sanity and standardisation of retail and foreign exchange market.

The move, he said, was to ensure only licensed and accredited retail entities were allowed to trade in the market.

The ABCON boss further explained that the raids were only limited to unlicensed and undocumented operators and not targeted at licensed operators.

He said ABCON and its members were not allowed to trade on the streets or carry unauthorised dealings outside the purview of the Central Bank of Nigeria’s operational guidelines.

He, therefore, called on all ABCON members to ensure they operate within the guidelines of the extant rules and regulations of the CBN.

“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviours.

“It is also important to note that our members are excluded in the foreign exchange market and all efforts and collaborations with the Central Bank are ongoing to ensure the return of our members’ participation in the market,” he said.