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Bureau De Change Operators (BDCs) tomorrow, May 30, 2018 access foreign exchange to the tune of about $48 million from the Central Bank of Nigeria (CBN).
About 80 percent of over 3,000 BDCs is expected to participate in Wednesday’s auction where each operator will access a total of $20,000 each.
The operators are expected to fund their accounts every Tuesday to access forex on Wednesday, every Thursday s for Friday supply and every Friday for Monday’s supply.
On Monday, about 80 percent of the total number of BDCs accessed $20,000 each from the CBN. Consequently, the naira/dollar exchange rate moderated.
Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria (ABCON) exchanged at N363 per dollar at the BDC segment of the foreign exchange market.
The CBN had all BDCs shall access forex from CBN on Mondays, Wednesdays and Fridays, saying it is compulsory that all BDCs access forex at least three times weekly.
“Any BDC that fails the forex window at least three times weekly shall its license reviewed by the CBN. Compliance is compulsory”, a statement signed by Isaac Okorafor, CBN spokesman reads.
The CBN also mandated all deposit money banks to buy and sell foreign exchange to travelers (both customers and non-customers upon presentation of relevant, valid travel documents such as visa and ticket over the counter.
The move is to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market.
As a way of ensuring compliance, Godwin Emefiele, Governor of CBN on Monday visited some deposit money banks including First Bank, UBA and Zenith banks offices in Abuja to monitor sales of foreign currencies to customers.
“The essence of us being here is to make sure that the banks are able to service not just their customers, but also those who are not their customers, particularly those who want to travel outside the country.
“I want to seize this opportunity to let everybody know that there is dollar availability. If you want to travel, go to a bank. It doesn’t have to be your bank”, Emefiele said.
BDCs had rejected the CBN’s directive mandating operators to make three forex biddings and purchases on weekly basis. The group also insists that the regulator review BDC’s dollar purchase rate to align with rate commercial banks’ buying rate.
Gwadabe told BusinessDay on Tuesday that the association will by end of the week or next week have a meeting with the CBN over the new directive. “They are looking into it. The rates will continue to go down but it is N363 today”, Gwadabe said.
HOPE MOSES-ASHKE
