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“Don’t Sell The Dollar Above N356”, ABCON Boss Warns Members

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President, Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe said it was illegal for his members to sell a greenback above N356.

Mr Gwadabe said the sale of dollar by Travelex to BDCs was already impacting positively on the market as the Naira had sustained gains at the major segments of the foreign exchange market.
“As at 4 p.m. on Friday, Travelex had sold 15, 000 dollars each to no fewer than 1,000 BDCs and the sale was ongoing, “last week, it sold 10,000 dollars each to about 850 BDCs.” Gwadabe said. 
He disclosed that any BDCs selling above N356 to a dollar is an infraction on our agreement and should be reported to the association or law enforcement agents for appropriate sanctions.
“To ensure transparency in dollar sales, ABCON had advised customers to ensure that the rate at which they bought foreign exchange was stamped on their travelling document.” The ABCON boss explained. 
Since the resumption in the sale of foreign currencies by Travelex, a licensed International Money Transfer Organisation (IMTO), the naira had been on a path of recovery. The News Agency of Nigeria reported. 

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