Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON)
More than a month after the Central Bank of Nigeria (CBN) granted licensed bureau de change access to the Nigerian Foreign Exchange Market (NFEM), retail operators are still unable to purchase dollars as banks remain reluctant to sell.
A BusinessDay investigation shows that many banks have yet to engage meaningfully with BDCs, citing heightened regulatory and compliance concerns. These include uncertainty over post-transaction accountability, inconsistent know-your-customer standards across institutions, and fears of potential liabilities li
