X

CBN sustains weekly dollar sales to BDCs

cbn

CBN sustains weekly dollar sales to BDCs – The Central Bank of Nigeria has continued to fund bureaux de change (BDCs) segment of the foreign exchange market weekly to keep the naira stable.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said dollar sales to BDCs still at N393 to dollar.

He said the CBN is committed to improving funding for over 5,000 BDCs nationwide in new move to deepen market liquidity and protect the naira against speculators.

The ABCON boss linked the continued fall of the naira at the parallel market and Investors’ and Exporters’ (I&E) Forex window to currency speculators hoarding dollars to profit from the currency crisis.

He said the perpetrators were creating artificial scarcity of the greenback within market to cause more woes for the local currency.

Read also: BDC operators warn Forex Users not to buy from street Traders 

The naira was yesterday, exchanging at N486/$1  at the parallel market and N411.25/ $1 at the I&E Forex window.

Gwadabe said the ABCON Management and the CBN-licensed BDCs will fight alongside the regulator to ensure that speculators lose their capital should they persist in the illegal activity.

“The ABCON and CBN have observed with disdain the speculative behaviour currently beclouding the market with the misinformation that the CBN has adopted I&E window as its official rate. The above information is not true because as operators we still funded our  accounts at our normal rates of N393/$  and not the I&E window rates  for our operation this  Friday,” he said.

The ABCON management, therefore, advised its members not to join on that behaviour as CBN remained resolute with its partnership with the group and is looking at various options to induce liquidity in the sector.

He advised BDCs not to join the rumour mongers creating confusion and fragility in the market.

“ABCON will continue to keep you posted and guide you accordingly. We urge all members to continue to give the CBN the utmost support as a strategic partner and in the interest of the economy,” he said.

He said CBN-licenced BDCs are fighting back by supporting the apex bank in tackling forex spectators and reiterating commitment to operate within set rules.

Categories: BANKING ECONOMY
Tosan Olajide:
X

Headline

You can control the ways in which we improve and personalize your experience. Please choose whether you wish to allow the following:

Privacy Settings