• Tuesday, June 25, 2024
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BusinessDay

Ban on BDC’s operators: ABCON says it will worsen the economy

BDCs want CBN to put exchange rate below N1,251/$

The vice-chairman Association of Bureau De Change Operators of Nigeria (ABCON) Cross River State Chapter Abdulahi Ibrahim says the decision by the Central Bank of Nigeria (CBN) to ban BDC,s operators from accessing foreign exchange forex trading should be reviewed.

Alhaji Abdulahi who is also the managing director of Shanono Nigeria Ltd disclosed that the action will further worsen the Nigerian economy.

Reacting to the recent ban by the apex bank, he said the move if not reviewed immediately Will bring untold hardship on families who depends on forex trading to earn their living.

Read also: Banks say ready to provide dollar as CBN stops BDCs

He said though they are some bad eggs in the system like in every other profession, this blanket ban by the CBN is totally unfair treatment as many families will lose their livelihood.

“As a body of professionals we are working hard to sanitize the system, instead of the ban, let them increase the price and give us the dollar because it will cause job losses to our members nationwide.”

He appealed to the CBN to rescind its decision on its members as the policy is not in the interest of the Nigerian economy.