The Association of Bureau De Change Operators of Nigeria (ABCON) has issued a directive mandating its members to operate strictly between 8 a.m. and 6 p.m. daily. The association warned that any violation of these hours would attract disciplinary actions.
This decision aligns with an earlier directive from the Central Bank of Nigeria (CBN) and the National Security Agency (NSA), which emphasised the need for licensed Bureau De Change (BDC) operators to adhere to the specified business hours.
ABCON disclosed the directive in a memo titled: ‘CBN’s Directive On Opening and Closing Hours of Business,’ issued on December 10, 2024, and obtained by NATIONAL ECONOMY.
The CBN’s move appears to be part of its broader strategy to curb malpractice in the retail forex market while fostering a more transparent and regulated system.
In its memo, ABCON reiterated that compliance is mandatory and warned that any deviation from the stipulated operating hours would result in penalties.
The directive also coincides with updated forex market guidelines issued by the CBN on November 29, 2024. These guidelines aim to consolidate all FX windows, redefine the roles of market participants, and enforce stricter compliance and transparency measures.
A key component of the revised rules requires all FX transactions to be conducted through the Electronic Foreign Exchange Matching System (EFEMS). This centralised platform will standardise pricing and publish daily FX rates for public access.
Additionally, licensed BDC operators are now permitted to purchase foreign exchange directly from authorised dealers, subject to a monthly cap determined by the CBN. This provision offers BDCs increased access to forex but imposes stricter oversight to ensure compliance with the new regulations.
These measures mark the apex bank’s latest effort to address inefficiencies in the foreign exchange market while promoting a more structured and accountable system.
