Business Naira Converges at BDC and Parallel Market, Appreciates to N363 Per Dollar

L

LequteMan

Guest
The Nigerian naira on Tuesday converged at the BDC and parallel market, exchanging at N363 per dollar on both markets.

The attractive rate at the parallel market immediately triggered a massive influx of demands from forex users running away from the mandatory regulatory documentations sought by BDCs.

Reacting, Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria (ABCON) said BDCs are now at a disadvantage, as forex users shunned them for the parallel market where they could buy without documentation.

"That is why we are calling on the CBN to review the rate band for BDCs,” he said.

He added that the challenges faced by BDCs, if not checked, would trigger a liquidity crisis that may derail the ongoing recovery of the naira against the dollar.

“We want the CBN to review the BDC rate to ensure that currency speculators do not return to the market. Remember the BDCs buy dollar at N360/$1 from the CBN,” he said.
 

Attachments

  • Naira (1).jpg
    Naira (1).jpg
    46 KB · Views: 22
Back
Top