ABCON: CBN’s Decision To Stop FX Sales to BDCs Fuelled Naira Depreciation

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the decision of the Central Bank of Nigeria (CBN) to discontinue sales of foreign exchange (FX) to its members has made the naira depreciate faster.

The association said this in a statement issued by its national executive council on Friday.

Eight months ago, the CBN stopped forex sales to Bureau De Change (BDC) operators, accusing them of being involved in illegal financial flows and money laundering in Nigeria.

Since then, the naira has continued to depreciate rapidly against the dollar — now exchanging N587/$1 at the parallel market.

ABCON also accused the CBN of criminalising its operations to justify its inhibitive policy summersault, urging its members to “ignore those unfortunate pronouncements.”

“It is on records that the CBN policy of stoppage of FX sales to BDCs did not only create higher demand pressure but also made the value of our national currency useless,” the statement reads.