Bureau de change (BDC) operators yesterday rejected the plan by the
Central Bank of Nigeria (CBN) to stop selling foreign exchange in cash
to bureaux de change, saying they should not be held responsible for the
CBN action.
The apex bank governor, Sanusi Lamido Sanusi, had said in Tokyo on
Sunday that the bank would soon stop selling forex in cash to bureaux de
change, saying the decision was informed by the realization that the
forex sold by the BDC operators is not used for transactions outside
Nigeria, but rather used to move money around the country.
But speaking with Daily Trust in an
telephone yesterday, National President, Association of Bureau de Change
Operators of Nigeria (ABCON), Emmanuel Balogun, said the licensed forex
dealers should not be held responsible emphasing that only a few
dollars are sold to dealers against millions of dollars sold weekly to
24 money deposit banks in the country.
“We sell basically to travelers and
banks also sell too. Before we sell, there are various documentations
that are required to ensure that dollars are sold to genuine travelers.
What CBN gives us is not enough to cause problem. BDCs are to serve the
grassroot. We are just small sellers and buyers of forex who deal
directly with grassroot travelers”, he said.
