Friday, March 5, 2021

COVID-19: Forex scarcity looms as BDC operators begin 2-week holiday


tiamin rice

Forex scarcity looms in Nigeria as the Central Bank of Nigeria, CBN, has suspended the sales of foreign exchange to the Bureau De Change, BDC, operators as a measure to curb the spread of coronavirus pandemic in the country.

The President, association of BDC operators, Aminu Gwadabe, who made the disclosure in a statement on Thursday, said the CBN granted the holiday to the operators, effective from Friday, March 27.

According to him, the holiday is for a tentative period of two-weeks.

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Mr Gwadabe also advised the public not to go into panic buying, hoarding and patronising street traders as the apex bank has enough reserves to sustain supplies when the BDCs return to operations.

“This is to urgently bring to the notice of our members nationwide that following our letter of recommendations to the CBN to grant us a market holidays on our bidding days as a proactive and preventive measures on the scourge of the novel COVID-19 and the ban on all air/land travels.

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“The CBN has granted our request, effective tomorrow Friday March 27, 2020, there shall be no market days henceforth for a tentative period of two weeks,” the statement read in part.

The ABCON president advised members to observe strict guidelines on the preventive measures on the dangers of the COVID-19.

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Mr Gwadabe said that CBN/NFIU are tracking large movements of funds within the financial sector and the need to be cautious.

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