Bureau de Change operators in Nigeria are warning that their sector is on the brink of collapse, with many struggling to pay staff and rent after the Central Bank halted dollar sales to them, leading to a catastrophic drop in income.
Nigeria’s licensed Bureau de Change (BDC) operators have issued a stark warning that their sector is facing extinction, citing an inability to pay staff salaries and overheads due to the Central Bank of Nigeria’s (CBN) continued suspension of dollar allocations. The operators state that being cut off from the official foreign exchange window has crippled their primary business model.
Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), confirmed the dire situation, stating, “Our operations are currently near extinction, with the majority of our members struggling to meet up with overhead expenses.” He noted that while “positive collaboration” with the CBN is ongoing, survival for most now depends on infrequent walk-in customers.
The crisis is compounded by a market shift away from physical cash, with customers preferring digital transfers. BDC operator Abubakar Ardo detailed the severe operational challenges, saying, “Honestly, things have been extremely tough for us lately… Since the CBN stopped selling forex directly to us, our operations have been badly affected.”
He revealed the drastic measures many are taking to survive, adding, “As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.” The sector is now urgently appealing to the CBN to reinstate their access to the official market, arguing they are a vital tool for forex policy transmission and retail liquidity.
‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at… pic.twitter.com/DCduac42en
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‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at regulated rates, but that avenue has been shut for a long time.
‘’Right now, survival depends mostly on what we can get from walk-in customers — people coming in to sell small amounts of dollars, pounds, or euros. But that’s not structured or steady. Sometimes, you can go days without a single serious transaction. The market is very dislocated, and demand has dropped sharply because most people now prefer to do transfers or use online platforms or IMTOs instead of physical cash exchanges.
‘’This may be good for the Naira, but sincerely, many of us are suffering. That’s why we’re proposing we get fully integrated.
‘’Meeting up with overhead costs has become a major challenge. Office rent, staff salaries, licenses, and other compliance expenses are still there, but the income isn’t coming in as before. As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.’’