ABCON Calls on CBN to End Multiple Exchange Rates

Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to use its members to end multiple exchange rates and stabilize the foreign exchange market.

Aminu Gwadabe, ABCON president, says this in a statement in Lagos.

He says the CBN operational manual authorises Bureaux De Change operators (BDCs) to carry on the business of selling personal travel allowance (PTA), business travel allowance (BTA), school fees and medical bills payment abroad, among other roles, at the retail end of the FX market.

Gwadabe called for collaboration between the BDCs and the CBN in the implementation of market-friendly policies that will make the BDCs impact more positively in the market and promote exchange rate stability in the economy.

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