BDCs to resume operations as CBN reopens dollar sales


The President of the Association of Bureaux De Change, Alhaji Aminu Gwadabe has said that the Central Bank of Nigeria will soon reopen dollar sales to all licenced BDC operators to enable them start full operations.

Gwadabe who disclosed this in Lagos Thursday assured that with the CBN’s planned lifting of moratorium on dollar sales to BDCs, reopening of the airports for air travels,  global ease on restriction of movement are positive indications that dollar flows to the economy will soon improve.

He said that local currency exchanged at the rate of N461 to a dollar at the parallel market yesterday, but will be upbeat once the apex bank commence sales of dollar to BDCs

Speaking further he said “The return of over 5,000 BDCs to the forex market will add great strength to the  Naira and lead to major capital losses for forex speculators. It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost Naira recovery and put the enemies of the economy to shame. We are committed to the CBN’s exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.”

Gwadabe also said the return of BDCs to the forex market will help chase away speculators, curb rising inflation, boost productivity and employment, enhance price discovery, enhance market transparency and competitiveness.

The ABCON president said the uptick in activities in the Chinese economy has raised the country’s crude oil demand which will impact positively on Nigeria’s crude oil sales to the Asian country and boost dollar earnings.