‘Naira will be affected’ – ABCON speaks as Central Bank of Nigeria (CBN) pushes deadline for dollar sales to BDCs

The Association of Bureau de Change Operators of Nigeria (ABCON) has praised the Central Bank of Nigeria (CBN) for extending the deadline for eligible dealers to access the official foreign exchange market.

Aminu Gwadabe, the president of ABCON, stated that the gesture aligns with the apex bank’s efforts to ensure continuity and stabilising the FX market.

The governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, mandates dollar sales to ABCON members.

CBN announced the deadline extension on Monday, February 3, 2025, allowing eligible operators to access the official window for forex transactions.

The News Agency of Nigeria (NAN) said the ABCON boss raised worries about banks not complying with CBN’s December 2024 notice, granting BDCs temporary access to the Nigerian Foreign Exchange Market (NFEM) to purchase $25,000 weekly from December 19, 2024, to January 30, 2025.

Gwadabe urged commercial banks to partner with CBN and BDC operators to implement the circular to ensure smooth operations.

According to Gwadabe, ABCON members received the news of CBN’s extension with glee, considering it part of the regulator’s efforts to ensure continuity and commitment to inclusiveness of the sub-sector in the official window.

“We, however, call on all money deposit banks to partner with CBN and our members in the implementation of this circular, to ensure liquidity in the retail end sector and the Naira’s ongoing stability.

“On behalf of my members, I extend my sincere gratitude to the CBN management for their flexibility and transformative leadership.”