ABCON Calls Emergency Meeting to Address Forex Market Challenges

The Association of Bureaux De Change Operators of Nigeria (ABCON) convened an emergency meeting for its members on Wednesday, January 10 in Lagos to address critical foreign exchange market issues. The gathering will involve over 3,500 CBN-licensed Bureaux De Change (BDCs) and ABCON members.

Key agenda items include aligning BDC rates with bank rates, reducing unregistered forex operators' influence, and managing rising transaction fees for BDCs.

ABCON President Aminu Gwadabe highlighted negative margins, annual license renewal reviews, and new forex disbursement centers in Port Harcourt, Maduguri, Benin, and Ibadan as critical discussion points for the meeting.

Additional matters to address involve Company Income Tax (CIT), Value Added Tax (VAT), statutory payments, and late forex disbursements, alongside reviewing BDC operational automation and corporate identity initiatives.

Gwadabe noted that many forex users now prefer bank channels for international payments due to rate convergence, significantly impacting BDCs' market share and operational viability.