The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned that Nigeria could lose a vital retail foreign exchange distribution channel if ongoing reforms weaken the bureau de change (BDC) sector.
ABCON President, Aminu Gwadabe, raised the concern in a statement on Monday, saying the industry required urgent intervention to remain sustainable.
Gwadabe said the association supported the Central Bank of Nigeria’s (CBN) efforts to strengthen regulation, improve transparency and stabilise the foreign exchange market but urged the apex bank to address challenges facing legitimate operators.
He said BDCs provided retail foreign exchange services to travellers, small businesses and other legitimate users, while contributing to private investment, employment and entrepreneurship.
According to him, reforms should focus not only on regulatory consolidation but also on building a well-capitalised and commercially viable BDC sector that complements the banking system.
Gwadabe identified five priority areas requiring CBN intervention, including speeding up pending licence applications and providing clear timelines for approvals.
He also called for measures to address recapitalisation and compliance challenges, ensure licensed BDC operators have effective access to the Nigerian Foreign Exchange Market (NFEM), and establish regular consultations between the CBN and ABCON.
Other proposals include a structured dispute-resolution mechanism and a stable regulatory framework to protect legitimate investments and encourage long-term participation in the sector.
He reaffirmed the association’s commitment to professionalism, transparency and regulatory compliance, but stressed that the survival of BDC operators was essential to the success of foreign exchange reforms.
“Nigeria needs a stronger BDC industry, not a disappearing one,” he said.
