The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria to review the exchange rate band at which BDC’s buy dollars to align with commercial banks’ buying rate.
President of the association, Aminu Gwadabe says operators still buy dollar from International Money Transfer Operators as directed by the CBN at N360 per dollar and sell at N361.5 whereas commercial banks buy at N357 per dollar and sell at N360.
Gwadabe says leaving the rates as they are presently does not allow healthy competition between both segments of the market.
According to him, the rising naira liquidity, high demand for dollars in the travel and international school fees seasons as well as rising forex demand at the retail end of the market remains big concerns for exchange rate stability.
