Forex: ABCON Decries EFCC’s Clampdown On Members

The Association of Bureaux De Change Operators of Nigeria (ABCON) has condemned the clampdown on some Bureaux De Change (BDC) operators by the Economic and Financial Crime Commission (EFCC). ABCON said it was ready to work with the Central Bank of Nigeria on cutting down its 6,000 CBN-licenced BDCs operators in the country if that will bring sanity to the country’s forex market. President of ABCON, Alhaji Aminu Gwadabe, and another key member of ABCON, Shauib Idris, who is the Managing Director/ Chief Executive Officer, Timeline Consult, made this known in an interview with New Telegraph.

He said the way the EFCC was carrying out its arrest in a bid to sanitise the sector was not clear. He described it as unethical unprofessional since the commission lacked technology to monitor and detect offenders perpetrating the shady deals in the country’s forex sector.

Gwadabe insisted that those being arrested and under the custody of EFCC were canvassers working for licenced BDC operators in the country. The President of ABCON explained that EFCC needed to deploy technology in the discharge of its job rather than going about and arresting everyone. Corroborating this stance, Idris pointed out that some of those on the streets that EFCC are raiding were called and known as canvassers.