BDC moves to narrow exchange rate gaps

TVC E. Bureau de Change Operators want the Central Bank of Nigeria to ensure that on-going recovery of the naira against dollar is sustained.

The group’s President, Aminu Gwadade, who spoke to reporters in Lagos, said the CBN should review BDCs dollar buying rate downwards from N360 to N350 per dollar.

This means that the operators are seeking a N12 margin from what they are offered at the official window.

Gwadabe said the rate challenges faced by BDCs, if not checked, would trigger a liquidity crisis that may derail the on-going recovery of the naira against the dollar.

He also called for security surveillance at the boarders to check illegal cash movements, noting how such has threatened naira’s stability.