CBN To Meet With BDC Operators Over Stability of Forex

CBN To Meet With BDC Operators Over Stability of Forex

Officials of the Central Bank of Nigeria (CBN) are set to meet with operators of bureau de change (BDC), in a bid to find ways to eliminate the gap which exists between the official and black market exchange rates for the dollar.

This information was disclosed by the president of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, as he also said the meeting will hold today Tuesday.

The Central Bank of Nigeria had scrapped a peg in a bid to alleviate dollar shortages after the naira lost a third of its official value against the dollar in 2016.

The naira is worth about 40 percent less than the official rate as it closed at N490 to the dollar on Monday this week.

Kemi Adeosun, the minister of Finance had said last month that the central bank would work on trying to narrow the gap which is already hurting an already shaky economy.

Prior to this time, the retail operators accounted for less than 5 percent of the market but with low liquidity in the market, and the central bank as the major supplier of dollars, the BDC operators have risen to account for over 70 percent of the market.