BDC Operators To Sell Forex At N300/Dollar

Naira unaffected by Trump’s victory
The Association of Bureau de Change Operators of Nigeria, ABCON, has instructed its members to kick off the selling of foreign exchange at N300 to the dollar.

This is coming it said it had reached an agreement with the Central Bank of Nigeria, CBN, to be participating in the interbank foreign exchange market.

The association had directed its members to “operate within the price band of buying at N280 per dollar and selling at N300 per dollar,” Leadership findings revealed.

President of the association, Aminu Gwadabe who spoke with the daily on Tuesday, June 28,  said the association is being reorganized to meet the standard set for it by the apex bank so as to be partakers of the interbank foreign exchange market.

“We were given a grace to organize our members, inform them and we agreed to behave well and support the economy. We assured them that we will also make our members to comply and operate during the rules and especially the market are not selling outside what the regulator says we should.”

He also added that BDCs will in a couple of weeks be able to access foreign exchange from the interbank market. Efforts to reach the CBN for confirmation proved abortive.

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