COVID-19: CBN Grants Market Holidays To Bureau De Change Operators

The Central Bank of Nigeria (CBN) has suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice.

The CBN said this in a letter dated March 25, 2020, to the president of the Association of Bureau De Change Operators of Nigeria (ABCON).

The President, Association of Bureau de Change Operators (ABCON), Aminu Gwadabe, also confirmed this in a statement,noting that this comes into effective from Friday, March 27.

According to Gwadabe, this follows a request which was sent to the apex bank to grant the association market holidays given the ongoing challenges faced in local and global economies due to the impact of the coronavirus (COVID -19) pandemic.

He added that a notice of CBN’s approval was sent to BDC operators and directors, stating that sales of foreign exchange to BDCs is now suspended for a tentative period of two-weeks.

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.

“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.