Connect with us

General

ABCON hails CBN on decision

Published

The Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday hailed the Central Bank of Nigeria (CBN) on its decision to stop third parties from buying foreign exchange through the form.

Alhaji Aminu Gwadabe, President, ABCON, told the Newsmen on Tuesday that the decision of the Apex bank would make currency manipulation difficult.

MORE READING!  My uncle's fiancee fled with N2m given to her to plan wedding, man reveals

“This will in effect address the issue of rent-seeking, round-tripping, and vulnerability to money laundering.

” It is part of the central bank’s resilience and sound control in fighting financial crime in a global pandemic.

” It is apt and timely,” Gwadabe said.

He said that the decision would address frivolous demands and spikes in the market.

MORE READING!  VIDEO: Man catches best friend recording his wife’s nakedness in the bathroom

The CBN had on Monday issued a circular saying it would no longer approve payment of foreign exchange to form M applicants who do so through a company and agent.

“Authorized Dealers are hereby directed to desist from the opening of Form M whose payment is routed through a buying company/agent or any other third parties,” the CBN said.

MORE READING!  Oyedepo warns those rejecting God's order in church, family

The apex bank explained that its decision was based on the need to “ensure prudent use of our foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumers.”





Trending