In order to decide whether to revoke the licenses of more than 4,000 of its members, the Association of Bureau De Change Operators of Nigeria (ABCON) will convene an emergency National Executive Council (NEC) meeting, according to Daily Trust on Sunday.
The impacted BDCs violated one or more of the Central Bank of Nigeria’s (CBN) regulatory rules, according to the CBN.
Among the infractions were the failure to submit returns and to renew licenses within the allotted time frame as per the standards.
According to information obtained, the association was taken aback by the development, which is why it decided to convene and discuss the issue this week in order to formulate a stance that would serve the interests of the members.
ABCON president Alhaji Aminu Gwadabe confirmed the meeting and stated the association’s stance would be released following it, while talking to journalists.
He did, however, express gratitude for the CBN’s recent wave of reforms, stating that they provide their members “credible opportunities” and will solve some problems.