Uncertainty as BDCs vow to boycott $25m auction


There seems to be uncertainty in the air as the Bureaux de Change operators have promised not to participate in today’s $25 million weekly Dollar auction by the Central Bank of Nigeria (CBN).

The operators said the current selling rate of N381 per Dollar does not favour them.

Speaking on their behalf, President of Association of Bureaux De Change Operators of Nigeria,Aminu Gwadabe stated that the ongoing market resistance makes it difficult for BDCs to sell Dollars above their purchasing rates.

He said the market fundamentals do not support their participation in the auction.

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