By Dipo Olowookere
There seems to be uncertainty in the air as the Bureaux de Change (BDC) operators in the country have promised not to participate in today’s $25 million weekly Dollar auction by the Central Bank of Nigeria (CBN).
This is because the operators are not happy with the current selling rate of N381 per Dollar, which they said does not favour them.
Speaking on their behalf, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe stated that the ongoing market resistance makes it difficult for BDCs to sell Dollars above their purchasing rates.
“Definitely, we will not be part of tomorrow’s (today’s) auction. The market fundamentals do not support our participation in the auction.
“Remember that the money is from the International Money Transfer Operators (IMTOs) proceeds, which the CBN sells at N381 per Dollar, far above the banks’ selling rate of N360 to Dollar and parallel market rate of about N380 to Dollar,” he told The Nation.
Adedapo Adesanya