COVID-19: Foreign Currency Traders To Close Shop

By Ayodele Oluwafemi

The Association of Bureaux De Change Operators of Nigeria (ABCON) has disclosed that the Central Bank of Nigeria had approved its request to suspend operations for two weeks, in a bid to curtail the spread of COVID-19.

This implies that forex trading will be put on hold for two weeks

ABCON president, Aminu Gwadabe, noted that the suspension would be effective from Friday, March 27, indefinitely.

Gwadabe urged members of the public not to engage in panic buying and hoarding, stressing that CBN would meet the demands of the operators when they finally resume.

“This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us a market holiday on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels.

“The CBN has granted our request, effective tomorrow Friday, March 27, 2020, there shall be no market days henceforth for a tentative period of two weeks.

“We also want to advise members to strictly comply with their regulatory obligations on their daily operation. If you are trading be cautious not to fall under the hand of security agencies,” the president advised traders.

“Don’t be involved in giving black market rates, street trading as doing so might create a regulatory breach,” the statement said.

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