The President of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadebe, has said that only a few banks have complied with the directive of the Central Bank of Nigeria to sell dollars to BDCs.

Gwadebe said this in an exclusive chat with The PUNCH as he analysed the positive performance of the naira in the parallel market in the past week.

Last December, the CBN granted temporary access to Bureau de Change operators to purchase foreign exchange from the Nigerian Foreign Exchange Market. In February, that access was extended till May 30, 2025. Later, the apex bank restricted the BDCs to purchase a maximum of $25,000 per week from a single authorised dealer bank.

The ABCON boss said the directive had helped with liquidity in the retail end of the market. However, he noted that only a few banks were selling to BDCs.

He said, “Just the announcement has helped even though not all the banks have started selling. Not more than three or four banks, as we speak, have started selling to Bureaux de Change. Now, imagine all the banks in Nigeria are calling BDCs to offer them their interbank proceeds. What could have happened?”

Gwadebe, who said that the naira strengthened by about N100 to 1,552/$ from 1,660/$ in the previous week, opined that one of the challenges facing the naira was psychological.


https://punchng.com/most-banks-dont-sell-dollars-to-bdcs-abcon/