Forex Dealers Seek N10/$ Margin to Curtail Fraud

By Dipo Olowookere

In order to check round tripping tendency by foreign exchange dealers, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to give room for a N10 per Dollar margin.

President of ABCON, Mr Aminu Gwadabe, pointed out that the current N2/$ margin and reduced foreign exchange offer were not sustaining their operations.

Mr Gwadabe said ABCON has a zero tolerance for non-compliance with regulatory requirement and unethical conduct amongst its members.

The ABCON boss stated that there was already the office of Compliance Officer at its National Secretariat and in all its zonal offices and vehicles provided for the compliance officers to regularly visit BDCs under their jurisdictions.

He assured the CBN and other stakeholders that the BDC industry was duty-bound to operate within the ambit of the law and would continue to promote national interest and economic development.

He promised that the group will continue to expose erring members, even as they have already set up investigative panel for pending cases.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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