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Travelex, FBN Begin Forex Sale in Abuja

Forex Sale

By Modupe Gbadeyanka

President of Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, has disclosed that a meeting brokered by the Central Bank of Nigeria (CBN) between Travelex and ABCON has led to the commencement of sale of Forex to Bureau De Change operators in the north.

Mr Gwadabe, in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos, said this has brought ease to liquidity challenges for people living in Abuja, Kano as well as Port Harcourt, Rivers State.

Travelex and First Bank of Nigeria are the only two firms approved by the CBN to sell foreign exchange to BDCs in the country.

The ABCON president said in the interview that BDCs in Abuja got $20,000 each from the sale of Forex by First Bank on Tuesday, adding that Abuja environs would also benefit from the sale.

He said BDCs in Abuja and its environs were expected to begin documentation and biometric registration with Travelex on Thursday.

“The Naira is expected to appreciate further in Abuja and its environs as the CBN has appointed First Bank and Travelex to sell Forex in that region.

“ABCON is grateful to the CBN, Travelex and First Bank in ensuring that the naira is rescued from the hands of its enemies,” Mr Gwadabe said.

He said ABCON had continued to educate its members on the need to play by the rules of the regulator in ensuring that the Naira recovered fully.

He assured the CBN that the automation of its operations was geared to ensure transparency in the Forex distribution network and to frustrate any effort to slow the wheel of progress.

Mr Gwadabe appealed to genuine travellers and businessmen to leverage on the gains of the present window in purchasing Forex at the BDCs and other approved places.

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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.

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