The President of the Association of the Bureau de Change Operators in Nigeria,Aminu Gwadabe, said unauthroized persons posing as Bureau de Change (BDC) operators caused irregular fluctuations in the parallel market.
Gwadabe said this in an interview with the News Agency of Nigeria (NAN) on Monday, February 29 in Abuja.
NAN reports that this is coming after the Central Bank Governor, Godwin Emefiele, had accused speculators and BDC operators of conniving to bring down the price of Naira in the foreign exchange market.
Gwadabe said the recent decision of the CBN to stop the sale of foreign exchange to BDC operators made the business unsustainable to its members, thereby leaving room for unauthorised dealers to flood the market.
“People think that BDC operators are making a lot of money these days. But it’s not true. People do not understand that there are a lot of participants in the parallel market.
“I can authoritatively tell you that about 80 per cent of all registered BDCs in the country have closed down since the CBN stopped the sale of dollar to BDCs.
“Right now, the unlicensed BDCs are currently more than the licensed ones all over the country. And their activities are not regulated because they are not registered.
“So right now, the market is in the hands of speculators and these unlicensed BDCs,’’ he said.
Gwadabe advised the CBN to come up with a robust, effective and efficient monitoring and supervision of all players in the market.
