Anthony Iwuoma
The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned bureaux de change (BDCs) against violating the new official exchange rate of N380 per dollar, including other provisions of the new foreign exchange regime.
The Association stated this in response to the new exchange rate regime announced Friday night by the Central Bank of Nigeria (CBN) for the disbursement of the proceeds of the international money transfer services operators (IMTOs)
According to the new exchange rate regime , while the IMTOs will sell to banks at N376 per dollar, the banks will sell to the CBN at N378 per dollar. The CBN in turn will sell dollars to BDCs at N378 per dollar while the BDCs are mandated to sell to the public at N380.
ABCON expressed support to ensuring effective implementation of the new exchange rate regime, and assured the public of continued sale of dollar at the new official exchange rate of N380 per dollar and advised them to report violators.
It said it would continue to partner with the Central Bank to stabilize the foreign exchange and orderly conduct of the foreign exchange market, especially at the retail segment where its members operate.
