The Association of Bureaux de Change Operators of Nigeria (ABCON) has kicked against the Central Bank of Nigeria’s (CBN) decision to restrict forex trading to banks only.

The CBN announced the new policy on Monday, saying it was necessary to “curtail the incidence of round-tripping and other illegal activities in the foreign exchange market.”

ABCON said the policy was unfair to BDCs, who have been operating in the forex market for many years and have contributed to the stability of the market.

“The CBN’s decision is a surprise to us,” ABCON President Alhaji Aminu Gwadabe said in a statement. “We have been operating in the forex market for many years and have contributed to its stability. We are not involved in round-tripping or other illegal activities.”

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Gwadabe said the CBN’s decision would lead to job losses in the BDC industry and would make it difficult for Nigerians to access foreign exchange.

“The CBN should reconsider its decision,” he said. “BDCs are a major source of foreign exchange for Nigerians. The CBN’s decision will make it difficult for Nigerians to access foreign exchange, which will have a negative impact on the economy.”

The CBN has not yet responded to ABCON’s complaints.

The new policy is likely to have a significant impact on the forex market in Nigeria. It is unclear how the CBN will ensure that banks do not engage in round-tripping or other illegal activities. It is also unclear how Nigerians who need foreign exchange will be able to access it.