Sequel to the recent pronouncement by the Central Bank of
Nigeria to slash down the supply of dollar to the Bureaux De Change (BDC)
operators in the country, the local currency (naira) has been put under immense
pressure.
Thus, the decision has further depreciated Nigeria’s
currency to N473 per Dollar at the black market.
According to Financial Vanguard investigations, the apex
bank made the cut by 46 percent by selling $8,000 to each BDC through Travelex
Nigeria Limited against $15,000 it usually sold per week to them.
In a statement released by the Chief Executive Officer of
H.J Trust BDC, Mr Harrison Owoh, it was disclosed that the reduction came as a big
shock to the market.
According to Mr Owoh this was conflicting to the general
expectation that the dollar sale will be improved to $20,000 per BDC.
“That is why the currency is under pressure with the rate
going up.”
Also speaking, was the Chairman of the South West Zone of
Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Taiwo
Ebenezer, who stated that the reduction in dollar sales was done to accommodate
BDCs in other zones of the country.
He revealed to the Financial Vanguard that “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 also included 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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