Economy

Lockdown: ABCON excited to resume operations

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The Association of Bureau De Change Operators of Nigeria (ABCON) on Thursday said it had sensitised its members and put in place key measures and actions for COVID-19 prevention and control in readiness to resume operations.

Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria in Lagos that operators were happy about arrangements by the Central Bank of Nigeria (CBN) to resume sales of foreign exchange to BDCs.

He said the five weeks lockdown had made black marketers to control the market and bastardised foreign exchange rate.

According to him, this is part of why we see a dollar moving almost at over 450 to a dollar.

He said the frivolous rate was not a true reflection of what the dollar should be.

“So we are excited with the news and we cannot wait for the lockdown at the airport to be lifted also.

“On our part, we have put arrangements in place on crowd control, social distancing and we have automated our online queing management whereby people get their tickets.

“So, we are prepared. We have learnt lessons from COVID-19 more especially in terms of crowd control of our members.

“Then we also among other things, ensure compulsory masks, sanitisers, infrared thermometer in our waiting areas,” Gwadabe said.

CBN on Wednesday resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country.

The apex bank had also made complete arrangements to resume foreign exchange sales to the Bureau De Change segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resumed.

In particular, the bank said it was resuming the provision of over US$100 million per week for both categories.

Edited By: Wale Ojetimi (NAN)

Short Link: https://wp.me/pcj2iU-3bgw

Lydia Ngwakwe

Lydia Ngwakwe: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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