ABCON Sets Operating Hours for BDC Operators to Buy and Sell Dollars

• ABCON has sent a notice to BDC operators across the country on the operating hours to buy and sell foreign currencies
• The association warned that the BDC operators who opens business around 7am or closed by 7pm will face penalties
• ABCON in a message to Legit.ng noted that the operating hours aligns with an earlier mandate issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA)

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Association of Bureau De Change Operators of Nigeria (ABCON) has instructed its members to strictly adhere to operational business hours from 8am to 6pm

In a memo signed by ABCON exco made available to Legit.ng, the association said defaulting members will face disciplinary action.

The association explained that the operating hours aligns with earlier mandates issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA), which require strict compliance with these operational hours to enhance transparency and regulate activities in the retail forex market.

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The memo also reminded BDCs operating at airports to adhere to the business hour regulations set by the Nigeria Civil Aviation Authority (NCAA), Tribune reports.

The memo to BDC operators read:

"We wish to bring to your attention on an important directive issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA) of the Directive that all licensed Bureaux de Change (BDC) must operate strictly within the operational Buisiness hours of 8:00 AM to 6:00 PM, Nigerian time.

"This directive is effective immediately, and any deviation from these stipulated operating hours will result in penalties. It is crucial that all members comply with this new regulation to avoid any punitive measures.

"The BDCs operating in all airport are advise to abide with the NCCA regulations on Buisiness hours.

"We appreciate your prompt attention to this matter and expect full adherence to ensure smooth and compliant operations across all BDCs. Thank you for your cooperation."

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ABCON lists 3 factors responsible as dollar crashes by N200

Earlier, Legit.ng reported that ABCON President Aminu Gwadabe, in a chat, explained the improvement of the Nigerian currency in the foreign exchange markets.

According to Gwadabe, the strong performance of the naira began following the introduction of a transparent trading system that curbed speculation.

He also highlighted two key points to explain the improvement of the naira.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng