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The Association of Bureaux De Change Operators of Nigeria (ABCON) has defended Central Bank of Nigeria (CBN) policy on foreign exchange allocation to Bureaux de Change (BDCs), which it believes has stabilised the naira against the dollar.
In a statement, ABCON President, Alhaji (Dr) Aminu Gwadabe, faulted ongoing petition against the CBN Governor, Godwin Emefiele and its management team over the deployment of dual exchange rate regime in forex allocation.
He also faulted the N305/$ rate to BDC as proposed by the petitioner, saying it is not transactional rate but used for settling government obligations.
Senate Committee on Finance had invited CBN Governor Emefiele to appear before it on February 7, 2020 following a petition by Human Rights Lawyer, Bar. J.U Ayogu, accusing the CBN Governor and its Management Team of compromise in the allocation of foreign exchange.
“There is a case against the CBN Governor and his management team written by Bar. J.U Ayogu. A petition before the Senate laid of the Senate on the December 12, 2019 where Bar. J. U Ayogu, Esq, on behalf of the Bureaux De Change Operators of Nigeria wrote against the CBN over its dual exchange rate forex policy that enriches few Nigerians and its top management staff to the detriment of many lawful Nigerians and frustrating the policy of the present administration of eradicating poverty and unemployment from all the nooks and crannies of Nigeria,” Member, Senate Committee on Finance, Senator Ayo Akinyelure (PDP, Ondo Central) said.
The petitioner had pleaded with the Senate to compel Emefiele to review the policy of dual exchange rate without delay to keep BDC operators in business.
But ABCON Management, said the CBN forex policy has brought stability to the BDC industry and helped operators to embrace automation which is the standard best practice. “This is hand work of unknown faces not ABCON. It is confrontational and lack credible evidence. The N305/$ is not a transactional rate but for settling government obligations.
