Sale of dollars to BDCs ongoing nationwide – Gwadabe

by Ike Obudulu Last updated on March 13th, 2017,

The Central Bank of Nigeria (CBN) started auctioning 250 million dollars to 3147 registered Bureau De Change (BDCs) nationwide on Wednesday.

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, in an interview on  Wednesday in Lagos south west Nigeria.

He said the sale of the foreign currency to BDCs would impact positively on the naira exchange rate as the exercise would boost liquidity in the market.

“Sale and distribution is ongoing to all the CBN licensed BDCs today,’’ Gwadabe said.

He appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC  to purchase dollars with relevant documents at N399 to the dollar.

Gwadabe said that addresses of all the BDCs were available at the official CBN Website, adding that members of the public should report any member selling above the regulated price to the appropriate authorities.

The  naira has depreciated significantly since the CBN closed its doors to sale of the foreign currency in December.

The naira, which was exchanged at N493 to the dollar at the beginning of the year, has depreciated to N497 to the dollar in the parallel market.

With the resumption of sale to BDcs, traders and stakeholders are optimistic that naira may as well be on the recovery pat – VON

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Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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