Checkout Magazine has learned that at least 15,000 jobs are currently at risk five months after the Central Bank of Nigeria (CBN) suspended weekly dollar sales to Bureaux De Change (BDCs).
During the July 2021 Monetary Policy Committee (MPC) meeting, the apex bank had suspended $10,000 weekly dollar sales to BDCs over alleged forex racketeering.
The Association of Bureaux De Change Operators of Nigeria (ABCON), has, however, asked the CBN to allow over 5,300 licensed BDCs access dollars through the autonomous market.
ABCON President Aminu Gwadabe also advised the CBN to de-risk BDCs operations to allow operators access forex from the autonomous market in 2022 and beyond.
Gwadabe said since the apex bank announced its measures against the operators, suspended licensing of new BDCs, and weekly dollar interventions to the sector, the BDC sector is becoming comatose.
He also revealed that over N1 trillion annual transaction volume by the BDCs sector is under threat while huge capital investment in the sector is becoming redundant, gradually being eroded and winding up.
He said, “The BDCs are ensuring order and confidence in the forex market, providing data for monetary policy, channels for CBN Intervention in Retail forex market and creation of over 15,000 jobs, among others.”
