By John Ikani
The naira’s value took another dip on Wednesday as it traded at 980 per dollar on the parallel market.
Just a week ago, it stood at 950 per dollar. The drop is being attributed to a scarcity of foreign currency, according to Bureau de Change (BDC) operators who shared their insights with newsmen.
Idris Musa, a BDC operator, told local news outfit PUNCH, “Today, we bought and sold the naira at rates of 965/$ and 980/$, and the dollar is becoming increasingly scarce.”
Yusuf Kareem, another BDC operator, expressed uncertainty, saying, “The dollar was sold at 980 today, and we’re unsure if it will keep rising or possibly come down.”
In contrast, at the Investor & Exporter forex window on the FMDQ, the naira experienced a slight appreciation, closing at 770.71 naira per dollar on Wednesday, up from 776.76 naira per dollar on Tuesday.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has recently called on the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to help achieve exchange rate convergence.
ABCON’s President, Dr. Aminu Gwadabe, urged the apex bank to provide a no-objection approval for BDCs to transition fully to digital operations in all their transactions.
Gwadabe stressed that BDCs source foreign currencies from various channels, including private sources and the CBN window, to fund various purposes such as Business Travel Allowance, Personal Travel Allowance, School Fees Payment abroad, Medical expenses, mortgage, personal home remittances, and subscription fees.
Furthermore, ABCON has implemented rigorous training for compliance officers to ensure they are well-informed about their responsibilities, particularly in terms of monthly reporting and monitoring of suspicious transactions to prevent illicit capital flows, as directed by regulatory bodies like NFIU, CBN, and EFCC.
Gwadabe reiterated that BDCs are committed to adhering to all existing rules and regulations set forth by the CBN, and they operate under the close supervision and monitoring of the central bank to ensure transparency and accountability in their operations.
