The Association of Bureaux De Change Operators of Nigeria, ABCON, has appealed to the Central Bank of Nigeria, CBN, to adjust its exchange rate downward to below the N1,251 to $1 it pegged for the BDCs.
ABCON, which is the umbrella body of all licensed Bureaux De Change, BDCs, say they want a new rate that is lower than the official BDCs applicable buying exchange rate of N1,251/$ set for the BDCs by the CBN in its latest tranche of intervention.
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In a letter to the CBN’s Director, Trade and Exchange Department, Aminu Gwadabe, the ABCON National President, expressed concerns that many BDCs who funded their accounts for dollar allocations are yet to receive their allocation of dollars to meet up with the legitimate critical demand of their clients.
He also insists that the naira’s speedy recovery, which was faster than expected, had made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers that are trooping to the undocumented forex operators for cheaper rates.
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