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HomeBanking & FinanceExchange RatesBDCs ask CBN to resume dollar sales to operators

BDCs ask CBN to resume dollar sales to operators

Bureau De Change Operators have requested that the Central Bank of Nigeria (CBN) resume dollar sale to operators.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said dollar sale to BDCs, which was suspended in July 2021 , was one of the group’s strategic proposals submitted to the apex bank team in Abuja yesterday.

He said dollar distribution at the retail end of the market will resume if the apex bank approves the proposal.

The BDCs also sought the return of the self-regulatory status of ABCON by the apex bank  to ensure its members comply with regulatory guidelines and defaulting operators sanctioned.

He said the BDCs will also partner with International Money Transfer Operators (IMTOs), to ensure the economy attracts more forex proceeds  to deepen market liquidity.

The CBN had in July 2021, stopped forex sales and new licence approval for BDCS after the Monetary Policy Committee two-day meeting in Abuja.

The naira yesterday exchanged at N1,490 to dollar at the parallel market. It exchanged at N1,470 to dollar on Monday, representing N20 per dollar depreciation.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM)- the official market, the naira appreciated to N1,418 to dollar as against N1,433 to dollar it exchanged on Monday.

The meeting held at the CBN headquarters, Abuja was attended by CBN directors, ABCON Executive Council members.






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