Bureaux de change operators seek reversal of ban on forex rates display

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The Association of Bureaux de Change Operators of Nigeria, ABCON, is seeking a review of the ban on public display of black-market foreign exchange rates imposed on them by the Central Bank of Nigeria.

ABCON President Aminu Gwadabe disclosed this in a statement on Tuesday, blaming the fluctuation in the foreign exchange market on hoarders of forex.

Accordingly, to him, a review of BDC operations by the apex bank is necessary to address the nation’s lingering forex crisis.

The development comes after a more than two-year ban was issued against AbokiFX, an online BDC.

The CBN, under its ex-governor Godwin Emefiele, had, in September 2021, clamped down on AbokiFX, which publishes online the black market exchange rates for the naira.

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The apex bank levied allegations against the platform, noting that they were involved in “illegal activities that undermine the economy. ”

However, years later, the crisis in the forex sector continued.

As of Monday, January 22, 2024, the naira was trading at an all-time low of N1360/$ in the parallel market, representing a 47 per cent discrepancy from the N925.34 per dollar trading in the official market.

At the official market at the end of 2023 trading, the naira depreciated by 96.55 per cent year-on-year as the dollar was quoted at N907.11 on the last trading day of the year compared to N461.61 quoted at the end of 2022.

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