BDC Operators Cries Out Amidst Looming Dollar Scarcity as Exchange Rate Falls Below 900 Naira/ Dollar

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Amazin Zion

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Mar 1, 2023
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On Wednesday, August 23, the naira lost against the dollar at the parallel market causing it to fall to N900/$. This fall is coming barely after the naira was sold to the dollar for N960 at the black market. Recently, the naira has seen a significant boost as it traded N850 in recent days, not until Wednesday when it went back to the downward trend as the black market witnessed a shortage in dollars.

  • This week naira traded to the dollar 850-880/dollar.

But now it has seen a significant drop at the parallel market while it also saw a decrease at the Investor & Exporter window, I&E, to 773.42/dollar. It closed on Tuesday at the Investor & Exporter window, I&E, to 757.10/dollar.

With this, the CBN plans to revoke the operating license of Bureau de Change Operators, BDCs, who go against the commission guidelines.

Last week Friday, August 18, 2023, the CBN announced an operational mechanism for BDCs to trade Forex at almost the same rate as the Investor & Exporter Forex window.

On August 17, 2023, the apex financial institution issued to BDCs a directive titled, 'Operational mechanism for Bureau de Change Operators in Nigeria.'

Read more: https://www.investingport.com/bdc-o...s-exchange-rate-falls-below-900-naira-dollar/