The Central Bank of Nigeria has suspended of the sale of Foreign Exchange (Forex) to Bureau De Change Operators (BDCs) in the country, issuing a two weeks market holiday.According to Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON),
the 14 days market holiday came after the association made a request to the apex Bank following the economic challenges faced by the spread of the Covid-19.
Gwadabe in a statement informed ABCON members of the two weeks market holiday, urging them to stay safe and avoid hoarding and panic buying of forex. Also he noted that the CBN has enough forex supplies and will continue tracking large movement of sums.
He said, "This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us a market holiday on our bidding days as a proactive and preventive measure on the scourge of the novel COVID 19 epidemic and the ban on all Air/land travels. The CBN has granted our request, effective today (Friday) March 27, 2020, there shall be no market days henceforth for a tentative period of two weeks."
"We also want to advise members to strictly comply with their regulatory obligations on their daily operation. if you are trading be cautious not to fall under the hand of security agencies. Don’t be involved in giving black market rates, street trading as doing so might create regulatory breach," Gwadabe added.
"Once again accept our continuous assurances on serving you betters as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them crowd management, expansion of the scope of our business, lesser penalties, automation, among others,” the ABCON President stated.