Central Bank of Nigeria (CBN) and the Bureau De Change operators have resolved to set up dollar collection centers outside Lagos. The move is aimed at ensuring availability of dollar at the retail end of the foreign exchange market.
The CBN and the ruling body of Bureau De Change operators again met yesterday to discuss on how other operators outside Lagos could purchase dollar. Consequently, the two regulating bodies agreed to set up three collection centers outside Lagos where qualified BDCs can receive dollars from the international money transfer operators.
Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON) told BusinessDay that BDCs will start funding their account on Monday, in anticipation of getting dollar on Wednesday.
He said that BDCs are buying dollar at N390/$ and selling N400/$ but the challenge is that there is serious resistance to the new pegged exchange rate by the sellers. Last week, the CBN in collaboration with the security agencies clamped down on BDCs who sold dollar above N400/$.
The association body of BDCs had on Tuesday sent a text message to its members to comply with the forced exchange rate. “The text message reads, “to all South West BDCs: this week November 14-19, 2016 rates are: N381/$ for buying and N399/$ for selling. Please ensure compliance and tell others.
Thanks, South West chairman”. At the foreign exchange market yesterday, naira closed at N400 against the US dollars, gaining N8.00k compared to N408/$ closed the previous day at the BDC segment.
