CBN to resume dollar sales to BDCs

The Central Bank of Nigeria (CBN) is considering admitting Bureaux De Change (BDC) operators into the interbank Forex market, President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe has said.

The ABCON boss disclosed this yesterday at the interactive session between BDCs and the CBN on the new foreign exchange regime introduced by the CBN.

Gwadabe noted during the session that there had been some engagements with the CBN in Abuja and the apex bank has finally accepted to create special window for the BDC operators and would also resume weekly allocation to operators.

He said part of the discussion at the meeting was the need for a partnership between the CBN and BDCs, to ensure that ongoing issue on the naira exchange rate against the dollar is solved.

He expressed concern with the complete exclusion of the BDCs from what he described as the ‘VIP’ club in the new flexible regime, coupled with the suspension of dollar sale to the BDCs and the introduction of the new guideline which further restricts the businesses of the operators.

Gwadabe said: “Following the outcome of a just concluded peace talk with the CBN, ABCON leadership wishes to assure you that sales of dollar to BDCs will resume very soon. Once again, you are urged to avoid hoarding and currency speculation and all other unethical practices”.

Gwadabe said operating modalities for the policy is already being worked-out and should be ready in the next one week. Part of the guidelines is that a BDC must have an office, and properly document their transactions.

Speaking at the interactive session, the Governor of the Central Bank, Godwin Emefiele told the gathering that the management of the Central Bank was working out modalities on how to accommodate the BDCs under the new arrangement.

Emiefele who was represented by Anthony Ikem, the Deputy Director of the Financial Policy and Regulatory Department of the CBN said: “The management wants you to exercise some patience and see what it will come out with. The whole policy is barely two weeks old and so we want to take it step by step but we can assure you that you are still relevant in the skim of affairs in this country.”