Bureau De Change (BDC) operators in Nigeria have yet to comply with the new operational guidelines issued by the Central Bank of Nigeria (CBN) three weeks ago, according to findings by The PUNCH. The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, attributed the non-compliance to a lack of clarity on the guidelines.
Gwadebe stated that BDC operators have reached out to the CBN for clarification but have not received any responses. He highlighted the confusion among operators regarding the requirement to reapply for licenses instead of simply recapitalizing. “For the existing BDCs, what we expect the CBN to do is tell them to come and recapitalize, but what is happening is that they should go and re-apply,” he said. Gwadebe questioned whether the existing licenses were withdrawn or revoked, and if reapplying involves starting the licensing process anew, which he argues goes against the concept of recapitalization.
Efforts to get a response from the acting Director of Corporate Communications at the CBN, Sidi Ali, have been unsuccessful, with calls and messages remaining unanswered.
An anonymous source indicated that it is still early for full compliance with the new guidelines, suggesting that BDCs will eventually have no choice but to adhere. The source also mentioned that BDCs would be officially notified if the CBN had ceased selling foreign exchange to them.
Source: Punch