CBN Resumes Dollar Sales To BDCs


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The Central Bank of Nigeria (CBN) has resumed the sale of the dollar to Bureaux De Change (BDCs) months after it shut down the operation.

The CBN had stopped sales in January due to what it called dollar scarcity and abuse of operating guidelines.

According to The Nation, Aminu Gwadabe from the Association of Bureau De Change Operators of Nigeria (ABCON), stated that nearly 3,000 BDCs are expected to access dollar from the CBN.

Gwadabe who is also President of the association said the BDCs had on Wednesday, funded their accounts with the Central Bank in readiness for the transaction, adding that dollar disbursement had started.

“Our members funded their accounts with the CBN on Wednesday and will get the dollar equivalent today. The funds will be sold at the prevailing inter-bank rate,” he said.

Gwadabe promised that the BDCs would abide by the directives and continually provide detailed reports on how previous dollars sourced from the CBN were utilised.
Gwadabe added that he was happy with the resumption of dollar sales to operators, but also implored the Central Bank to open more windows for them to operate.

“We want more windows to be opened for BDCs instead of restricting it to Diaspora funds. We are happy we can now access the Diaspora funds, but we want the CBN to do more. We are confident that today’s sales will continue to calm the market,” he said.

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