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ABCON’s Gwadabe seeks exchange rate band review for BDCs

The President of Association of Bureaux De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe has called on the Central Bank of Nigeria (CBN) to…

The President of Association of Bureaux De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe has called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) buy dollars to align with commercial banks’ buying rate.

He spoke to financial journalists in Lagos ahead of the 261st meeting of the CBN-led Monetary Policy Committee (MPC) scheduled to hold on Monday May 21 and Tuesday, May 22 at the CBN headquarters Abuja.

The ABCON boss said that BDC operators still buy dollars from International Money Transfer Operators (IMTOs) as directed by the CBN at N360/$ and sell at N362/$ whereas commercial banks buy at N358/$ and sell at N360/$. He therefore urged the CBN to merge the BDCs and bank rates to achieve market harmony and level playing field for all stakeholders.

He said the underlying market intrigues and political anxieties in the country are pointers that the CBN needs to listen to ABCON demand and merge both rates in the interest of the naira and economy.

Gwadabe said leaving the rates as they are presently does not allow healthy competition between both segments of the market.

 

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