Foreign Exchange Market 30,000 workers likely to lose jobs

  • Published:
Godwin Emefiele play

CBN Governor, Godwin Emefiele

(today)
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With about 200,000 workers servicing the Bureau de Change business sector, no little than 30, 000 employees will be sacked in the first quarter of the year.

According to the President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, relieving workers of their jobs was as a result of the loss accrued after the CBN stopped weekly sale of dollars to operators.

Mainly affected by this development are directors, auditors, operations managers and compliance officers, as well as chief executives.

READ: N331bn inflow from matured Treasury Bills to save interbank market

The CBN Governor Godwin Emefiele announced  a new foreign exchange policy which included the stoppage of weekly dollar sales to BDCs.

He said, “Operators in this segment of the market would now need to source their foreign exchange from autonomous sources. They must however, note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws”.

There is no telling to how long the measures taken by the Central Bank of Nigeria, which has caused major losses to operators in the Bureau de Change business would last.

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