BDC operators ask CBN to lower exchange rate

The Association of Bureaux De Change Operators of Nigeria has appealed to the  Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.

The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.

Gwadabe lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.