The Central Bank of Nigeria (CBN) on Monday resumed foreign exchange (forex) sales to Bureau De Change (BDC) operators in fulfilment of its earlier promise made to the effect.
The sale, from which about 5,180 operators were projected to get $10,000 each, is part of the monetary authorities’ efforts to reduce the operators’ challenges in sourcing forex and enhance accessibility to foreign exchange.
The President of the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, confirmed the resumption of the forex sales, saying that at least 5,180 BDCs had funded their accounts with Naira for the $10,000 exchange per operator.
Gwadabe, who commended the apex bank for the resumption of dollar sales to BDCs, said: “We expect all the BDCs to get because we have about 5,180 BDCs that have funded their accounts.”
He pleaded with the beneficiary-operators to reciprocate the kind gesture of the apex banks to ensure strict compliance with all regulatory requirements.
The apex bank had promised those requiring forex for the purposes of travel, payment of education fees and other invisibles to source their forex needs directly from their respective banks.
Despite the apex bank’s intervention, BRTNews.ng investigations in Abuja and Lagos showed the parallel market’s Naira exchange rates still remained high as the Naira exchange at N430 to the dollar compared to the N440 exchange rate in Wuse II, Abuja.
One of the dealers who simply identified himself as Muhammed Aminu said: “We are still buying here at N430 per dollar but if you want to buy, we can sell for you at N440 or N445 per dollar.”
Market analysts are, however, optimistic that the apex bank’s intervention will impact positively on the forex market in the weeks ahead, with the attendant positive exchange rate implications for the national currency.
