Bureaux de change operators reject new cbn's forex policy

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Bureaux de Change Operators Reject New CBN's Forex Policy

The Association of Bureaux de Change Operators of Nigeria (ABCON) has rejected the new foreign exchange (forex) policy introduced by the Central Bank of Nigeria (CBN). The policy, which was announced on Monday, aims to liberalize the forex market and increase the availability of foreign currency to individuals and businesses.

According to the CBN, the new policy allows for the sale of foreign currency to individuals and businesses at a rate of N360 to the dollar, while also introducing a new window for the sale of foreign currency to bureaux de change operators at a rate of N380 to the dollar.

However, the ABCON has rejected the policy, saying it is not in the best interest of the industry. The association claims that the policy will lead to the collapse of the bureaux de change industry, as it will make it difficult for operators to make a profit.

The ABCON also accused the CBN of not consulting with the industry before introducing the policy, and said that the policy is not in line with the CBN's own guidelines for the operation of bureaux de change.

The association has called on the CBN to review the policy and engage with the industry to find a solution that is beneficial to all parties.

Key points:

• The CBN has introduced a new forex policy aimed at liberalizing the forex market and increasing the availability of foreign currency.
• The policy allows for the sale of foreign currency to individuals and businesses at a rate of N360 to the dollar.
• The ABCON has rejected the policy, saying it is not in the best interest of the industry.
• The association claims that the policy will lead to the collapse of the bureaux de change industry.
• The ABCON has called on the CBN to review the policy and engage with the industry to find a solution that is beneficial to all parties.