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EXCHANGE RATE: CBN Cut Down Dollar Sale to BDCs, Naira Falls

The recent depreciation of the naira on the parallel market has been attributed to CBN's reduction of dollar sale to BDCs in Lagos and Abuja.

The currency now goes for 473 per dollar, up from 470 per dollar.

According to a Vanguard report, weekly dollar sales to BDCs were slashed by 48% from $15,000 to $8000.

Chairman, South West Zone, Association of Bureaux De Change Operators of Nigeria (ABCON), Mr. Taiwo Ebenezer said that the reduction in dollar sales was done to accommodate BDCs in other zones of the country.

“The dollar sales have been limited to BDCs in Lagos and Abuja, but ABCON recommended to CBN to find a way to accommodate BDCs in other zones. That is what the CBN has done though the reduction in supply in Lagos and Abuja has prompted the exchange rate to go up.”

He added that the CBN will definitely consider the impact on the rates and take a decision on whether to keep it at $8,000 per BDC across board or increase the quantity sold per BDC.

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