FBN And Travelex Begins Forex Sale In The North

Travelex and First Bank have started the sale of Forex to BDCs in the northern part of the country.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said that the CBN directed the institutions to sell Forex to BDCs in Abuja, Kano and by extension Port Harcourt.

He said CBN had brokered a meeting between Travelex and ABCON which led to the commencement of the sale of Forex in the cities.

Gwadabe added that the BDCS in Abuja got $20,000 each from the sale of Forex by First Bank on Tuesday. He added that neighbouring states would also benefit from the sale.

BDCs Laud CBN, Partners Over Forex Sale

Gwadabe commended the CBN for listening to its call on the commencement of Forex sale in the north. He expressed appreciation to Travelex for showing understanding.

“The naira is expected to appreciate further in Abuja and its environs as the CBN has appointed First Bank and Travelex to sell Forex in that region.

“ABCON is grateful to the CBN, Travelex and First Bank in ensuring that the naira is rescued from the hands of its enemies.”

Gwadabe explained that ABCON had continued to educate its members on the need to play by the rules of the regulator in ensuring that the Naira recovered fully.

He assured the CBN that the automation of its operations will ensure transparency in the Forex distribution network. It will also frustrate any effort to slow the wheel of progress.

The ABCON boss appealed to genuine travelers and businessmen to leverage on the gains of the present window to purchase at the BDCs and other approved places.

Since the CBN appointed First Bank and Travelex to sell the proceeds of Diaspora remittances to BDCs, the naira has continued to appreciate in all the segments of the market.

The present approach is expected to improve liquidity in the distribution chain.