HomeBusiness5,180 BDCs get $51.8m on forex sales resumption

5,180 BDCs get $51.8m on forex sales resumption

About 5,180 Bureau De Change operators got $10,000 each as the Central Bank of Nigeria fully resumed foreign exchange sales to the operators on Monday.

The CBN had earlier announced it would commence sales of foreign exchange to BDCs on Monday as part of efforts to enhance accessibility to foreign exchange.

However, the effect of the forex sale resumption was yet to be felt as naira exchanged to the dollar on the parallel market at N430 to the dollar on Monday.

Speaking with our correspondent, the President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said all the 5,180 BDCs had funded their accounts with naira and would be paid $10,000 each.

As of the time he spoke with our correspondent, he said about 5,120 BDCs had been paid even though the payment started a bit late.

He said, “Each one got $10,000. We expect all the BDCs to get because we have about 5,180 BDCs that have funded their accounts.”

According to him, only about 100 to 150 members who were having issues of suspension may not get paid.

Gwadabe commended the apex bank for the resumption of dollar sales to BDCs.

He urged BDC operators to reciprocate the gesture of the CBN by ensuring strict compliance with all regulatory requirements.

The ABCON president charged the BDC operators to avoid any transaction not within the scope allowed by the apex bank so as to avoid sanctions.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, had earlier, assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.

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