Business Naira on Recovery Path As Travelex, Firstbank Begin Sales in Abuja, Kano, Port Harcourt

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Liquidity challenges in Abuja and environs will ease further as Travelex and First Bank of Nigeria Plc begin the sale of Forex to Bureau De Change operators in the North.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, disclosed this to NAN in an interview on Wednesday in Lagos.

Gwadabe said that the Central Bank of Nigeria brokered a meeting between Travelex and ABCON, which led to the commencement of the sale of Forex in Abuja, Kano and by extension, Port Harcourt.
He said First Bank Nigeria PLC and Travelex had been directed by the apex bank to sell Forex to BDCs in Abuja, Kano and Port Harcourt.

He said that the BDCS in Abuja got 20,000 dollars each from the sale of Forex by First Bank on Tuesday, adding that Abuja environs would also benefit from the sale.
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The ABCON chief noted that BDCS in Abuja and its environs were expected to begin documentation and biometric registration with Travelex on Thursday.

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, adding that ABCON’s earlier call for the appointment of another distributor was to ensure an easy and smooth distribution of Forex.
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 was geared to ensure transparency in the Forex distribution network and to frustrate any effort to slow the wheel of progress.


- NAN
 
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