The interbank foreign exchange window on Tuesday, June 28, closed with the Naira exchanging at N282.32 to the dollar, while the greenback sold for N355 at the parallel market.
Meanwhile, the Association of Bureau de change Operators of Nigeria, ABCON, has set a N300 dollar price band for BDCs across the country.
Following the new price band, there are speculations that the gap between the markets interbank and parallel market rates might be brought closer.
President of ABCON, Aminu Gwadabe, who spoke on the development, said mechanisms are being out in place to ensure compliance by the BDCs at all levels, stating that transactions done by BDCs would be displayed on their online terminals with all the documents attached, such that the information can be accessed by not only the public but also regulators such as the CBN, the Nigeria Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC).
Speaking ahead of the congress of the association holding in Lagos today, Gwadabe said ABCON is bringing more transparency into the system.
