CBN goes sober, begs BDCs over foreign exchange

CBN goes sober, begs BDCs over foreign exchange

With virtually all its policies aimed at strengthening the naira not yielding positive results, the Central Bank of Nigeria (CBN) has perfected plans to seek help from the various stakeholders, particularly operators at the parallel market.

To this effect, a different approach, contrary to harassing the Bureau De Change operators is to be the new way aimed at seeking cooperation of this segment of the players as a way out.

It could be recalled that one of the approaches adopted by government to shore up the value of naira included using security operatives, including the DSS, to arrest some BDC officials over alleged round tripping deal with dollars they sourced through the interbank market.

But the apex bank officials said a new understanding had made it necessary for a reversal of all hostile approaches for a lasting solution, one of which is to meet with BDC operators periodically to find ways of reducing the gap between the official and black market rates of naira to the dollar.

Read also: Audit of Nigerian refineries coming

When contacted, president of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, put it this way: “We’re always ready to cooperate with government in stabilising the naira, so anything that will make this possible is to our mutual interests and benefits.”

On the proposed meeting with CBN, he said his group had been contacted, adding that the BCDs’ demands would include that no more harassment of its members should be allowed, while those still reporting to the security agencies be let alone.

It was learnt that the recent directive by the Finance Minister, Kemi Adeosun, that all stakeholders in the system should work towards bridging the wide gap between the official exchange rate and the parallel market has been of concern to CBN.

As at Monday, a dollar was exchanging for N497 at the black market, a situation that was said to have created some panic.

RipplesNigeria ….without borders, without fears

The post CBN goes sober, begs BDCs over foreign exchange appeared first on Ripples.