TheCable

The Association of Bureaux De Change Operators of Nigeria (ABCON) says it has received approval from the Central Bank of Nigeria (CBN) to suspend operations for two weeks as part of measures to curb the spread of coronavirus.

Aminu Gwadabe, ABCON president, said the suspension would be effective from Friday, March 27, meaning that forex sale has been suspended until further notice.

The association was said to have requested the suspension in view of a rise in the confirmed cases of COVID-19 in the country.

“This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us a market holiday on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels,” a statement quoted Gwadabe to have said.

“The CBN has granted our request, effective tomorrow Friday, March 27, 2020, there shall be no market days henceforth for a tentative period of two weeks.”

Gwadabe also advised members of the public not to go into panic buying, hoarding as well as patronising street traders, saying the CBN has enough resources to meet demand when the BDCs return to operations.

“We also want to advise members to strictly comply with their regulatory obligations on their daily operation. If you are trading be cautious not to fall under the hand of security agencies,” the president advised traders.

“Don’t be involved in giving black market rates, street trading as doing so might create a regulatory breach.”

Gwadabe said that CBN/NFIU are tracking large movements of funds within the financial sector and the need to be cautious.