The Association of Bureau De Change Operators of Nigeria (ABCON) has cautioned its members on the need to abide by the existing laws establishing them.

ABCON president Aminu Gwadabe, in a statement on Friday, warned licenced operators against regulatory infringements that would dent their image.

He insisted that those trading forex on the streets who were arrested by the Economic and Financial Crimes Commission (EFCC) were not licenced BDC operators.

The nationwide EFCC raids and clampdown on street hawkers of forex are to ensure the sanity and standardisation of the retail and foreign exchange markets.

The move, he said, was to ensure only licenced and accredited retail entities were allowed to trade in the market.

The ABCON boss further explained that the raids were only limited to unlicensed and undocumented operators and not targeted at licenced operators.

He said ABCON and its members were not allowed to trade on the streets or carry out unauthorised dealings outside the purview of the Central Bank of Nigeria’s operational guidelines.

He, therefore, called on all ABCON members to ensure they operate within the guidelines of the existing rules and regulations of the CBN.

“In line with our obligations, ABCON supports the drive of authorities to streamline any illegal economic behaviour.

“It is also important to note that our members are excluded from the foreign exchange market and all efforts and collaborations with the Central Bank are ongoing to ensure the return of our members’ participation in the market,” he said.

(NAN)