COVID-19: CBN GRANTS MARKET HOLIDAYS TO BUREAU DE CHANGE

Suspends Forex Sales Till Further Notice

The Central Bank of Nigeria (CBN) has suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice.This announcement came, following the request by the Association of Bureau de Change of Nigeria (ABCON) on the 24th of March, to the apex bank, recommending a halt in the weekly sales of forex to the BDCs.This was due to the ongoing challenges faced in local and global economies due to the impact of the Coronavirus pandemic.

The CBN, in its response dated March 25, 2020 addressed to the ABCON president notified them of its decision to suspend sales.

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The letter states that the suspension follows the government’s directive to restrict gatherings to not more than 20 persons aimed at reducing person-to-person contact and to curb the transmission of the Coronavirus (COVID-19).

In a notice to the BDC operators and directors, the President, ABCON, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to the BDCs were now suspended till further notice.

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Gwadabe also advised the public not to go into panic buying, hoarding and patronising the street traders as the CBN had enough reserves to sustain supplies when the BDCs returned to operations.

A statement said the CBN had also acknowledged the contributions of the BDCs in promoting stable exchange rate in recent months, despite challenging circumstances facing the forex market due to drop in crude oil prices.

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It stated, “This is to urgently bring to the notice of our members nationwide that following our letter of recommendations to the CBN to grant us market holidays 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, the CBN has granted our request, effective Friday March 27, 2020.

“There shall be no market days henceforth for a tentative period of two weeks.”

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