ABCON bans street hawking of hard currencies

Association of Bureau De Change Operators of Nigeria (ABCON) have said they will ban street hawking of foreign exchange by BDC operators.
Acccording to the group, the measures would bring down the exchange rate which has been rising recently.
The intimation was issued  by the President of ABCON, Alhaji Aminu Gwadabe.
Speaking, he said that this was part of the resolutions made unanimously by BDC directors at the meeting of the operators on Tuesday, June 2, 2021, in Lagos.
He said: “ABCON in the resolution told BDCs to improve on their return rendition to regulatory authorities, warning that defaulting members would be punished.
“The resolution from ABCON partly reads, “All operators are to collaborate in bringing down the forex rates in the market; street trading by BDC should be discouraged/banned and ABCON will commence operation ‘no street trading’.
“BDCs should improve return rendition to regulatory authorities; margin review to meet operational requirements; widening the scope of transactions; digitalization of BDC operations.

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