The Association of Bureau De Change Operators of Nigeria (ABCON) has instructed its members to operate strictly within the business hours of 8:00 am to 6:00 pm daily, warning that non-compliance will lead to sanctions.
This directive is in line with directives from the National Security Agency (NSA) and the Central Bank of Nigeria (CBN) to combat misconduct in the foreign exchange (FX) market and to promote transparency.
In a memo titled “CBN’s Directive on Opening and Closing Hours of Business” issued on December 10, 2024, ABCON mandates immediate adherence to the directive. The association stresses that any deviation from the prescribed operating hours will attract penalties.
Additionally, BDC operators at airports are instructed to comply with the Nigeria Civil Aviation Authority (NCAA) regulations regarding business hours.
The memo states:
“All licensed Bureau De Change (BDC) operators must operate strictly within the hours of 8:00 am to 6:00 pm, Nigerian time.
“This directive takes effect immediately. Any non-compliance will result in penalties. BDC operators at airports must also abide by NCAA regulations.
“We expect full adherence to this directive to ensure smooth and compliant operations across all BDCs.”
The directive is part of ongoing efforts by the CBN to streamline Nigeria’s FX market operations. Recent updates to the CBN’s foreign exchange guidelines aim to consolidate FX windows, redefine market participants’ roles, and enhance transparency.
Under the new framework, all FX transactions must be conducted through the Electronic Foreign Exchange Matching System (EFEMS), a centralized platform that publishes daily FX rates for public access. Licensed BDCs can now purchase foreign exchange directly from authorized dealers, subject to a monthly cap set by the CBN.
The CBN aims to combat fraud, enhance access to FX, and create a more open and effective foreign exchange system by implementing updated norms and imposing stricter operating hours. These actions demonstrate how crucial compliance is to maintaining a steady and controlled foreign exchange market in Nigeria.
