CBN cuts BDCs\’ dollar sales to $10,000

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The Central Bank of Nigeria (CBN) will on Wednesday sell $10,000 to each of the 2,839 bureaux de change (BDC) operators it approved last week. President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, who made this known, said the CBN took the decision because demand for dollar is still low as business activities were yet to pick up after the holidays. \r\nHe said the CBN has promised to continue the intervention to bridge the widening gap between the official and parallel market rates, saying the naira still exchanges for between N262 to N265 against the dollar at the parallel market, but exchanges for N199 at the official market. Also, the CBN has issued new guidelines for the operation of BDCs which pegged the minimum capital base and cautionary deposits for intending operators at N70 million. \r\nThe guideline, which is in line with the exercise of the powers conferred on it by the Central Bank of Nigeria Act of 2007 and the Banks and Other Financial Institutions Act 2004 (BOFIA), also stipulates a non-refundable application fee of N100,000 and non-refundable licensing fee of N1 million.

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