By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has excluded Bureaux De Change (BDC) operators in its latest foreign exchange (FX) sales aimed at strengthening the Naira in the local currency market.
Recall that last Friday, the apex bank disclosed that it auctioned about N122.8 million to 46 authorised forex dealers to stabilise the market.
“The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market,” a part of the notice signed by the CBN Director for Financial Markets, Ms Omolara Duke, said.
In a chat with Punch, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadebe, confirmed that his members were not part of the dealers given forex by the central bank.
Mr Gwadabe, who had earlier lamented that the CBN last sold forex to BDC operators in March 2024, stated that the latest intervention was for commercial banks.
“No, it is their usual intervention at the NAFEM window which presently excludes the BDCs but only banks,” the forex trader informed the newspaper.
Some observers have claimed that since the suspension of forex sales to BDC operators, who mainly service the retail end of the chain, the value of the Naira to the Dollar has been on a slope
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