BDC operators can only operate between 8am and 6pm — ABCON

The Association of Bureau De Change Operators of Nigeria (ABCON) has instructed its members to strictly adhere to operational business hours from 8am to 6pm or face disciplinary action.

This directive aligns with an earlier mandate issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA) requiring all licensed Bureau De Change (BDC) operators to observe these specified hours.

The announcement was detailed in a memo titled ‘CBN’s Directive on Opening and Closing Hours of Business’ issued by ABCON on Tuesday, December 10, 2024.

The new order is seen as part of CBN’s ongoing efforts to address malpractice in the retail forex market and ensure transparency and regulation in the sector.

ALSO READ: Naira depreciates in parallel market

ABCON emphasized that the directive is effective immediately, warning members that any violation of the specified hours will attract penalties.

Additionally, it advised licensed BDC operators at airports to comply with the Nigeria Civil Aviation Authority (NCAA) regulations regarding business hours.

The memo from ABCON reads, “We wish to bring to your attention on an important directive issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA) of the Directive that all licensed Bureaux de Change (BDC) must operate strictly within the operational business hours of 8:00 AM to 6:00 PM, Nigerian time.

“This directive is effective immediately, and any deviation from these stipulated operating hours will result in penalties. It is crucial that all members comply with this new regulation to avoid any punitive measures.

“The BDCs operating in all airports are advised to abide by the NCAA regulations on Business hours.

“We appreciate your prompt attention to this matter and expect full adherence to ensure smooth and compliant operations across all BDCs. Thank you for your cooperation.”

NIGERIAN TRIBUNE