The Association of Bureau De Change Operators of Nigeria (ABCON) has cautioned its members against flouting extant laws and regulations in the industry.
ABCON President, Aminu Gwadabe, in a statement on Friday, warned licensed operators against regulatory infringements that would dent their image, pointing out that forex traders being arrested by the Economic and Financial Crimes Commission (EFCC)for trading on the streets were not licensed BDC operators.
He noted that the nationwide EFCC raids and clampdown on street hawkers of forex was to ensure sanity and standardisation of retail and foreign exchange market.
The move, according to him, was to ensure only licensed and accredited retail entities were allowed to trade in the market.
Gwadabe 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 and 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 stated.
