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Bureau De Change Operators Accuse CBN for the Current Dollar Exchange Rate.

Bureau De Change Operators Accuse CBN for the Current Dollar Exchange Rate.

Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria -ABCON, had on Monday, October 17, accused the Central Bank of Nigeria -CBN, of the current huge gap in the Naira/dollar exchange rate at the official and black markets.

Gwadabe had reported that before the CBN banned the sales of forex to strictly the BDC operators in July 2021, the exchange rate for dollars in the black market was N501/$1, as of then.

However, since the embargo, the rate has skyrocketed to N730/$1.

In a statement he personally signed in Abuja, Gwadabe stressed that the apex bank was to be held responsible for the N300 difference between the parallel and official forex market, where dollar exchanges for N430/$1.

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He had said: “The foreign exchange policy of the Central Bank of Nigeria (CBN) has adversely impacted the naira stability across all markets and created a huge premium between official and parallel market rates.”

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