Members of the Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for them.
Its President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.
This is coming against the backdrop of the fact that the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.
The Association lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.
The Association regretted that many BDCs, who funded their accounts for dollar allocations, were yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to scrutinisation of the BDCs’ documents for collections at the various designated centres.
This, according to the Association had made the BDCs vulnerable to exchange rate risk and significant losses.
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