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Patronise CBN-licenced BDCs - ABCON

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ABCON had encouraged foreign exchange users and the general public on May 31 to patronise only BDC operators licensed by the Central Bank of Nigeria (CBN) to get dollars at the approved rate.

In a statement issued at the weekend, ABCON President,
Dr. Aminu Gwadabe, said only CBN-licenced BDCs operate within regulatory guidelines of selling dollars at an approved rate as well as international best practices.

He stated that parallel market activities have, for years, become major drivers of the exchange rates and control over such transactions have become burdensome.

He said that forex speculators are capitalising on the state of the foreign exchange market and the naira to sell dollars above CBN-approved margin.

Gwadabe said that CBN-licenced BDCs are not selling dollars to end-users above the N2 per dollar margin set by the regulator to protect the naira against foreign exchange speculators and ensure exchange rate stability.

The ABCON boss also denied reports claiming that the CBN-licenced BDC operators bought dollars at N393 to a dollar and sold at N494 to a dollar, representing N101 margin.


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