Banks ignore CBN’s directive on dollar sales to BDCs – Today.ng

Commercial banks have shown little or no interest in implementing the Central Bank of Nigeria (CBN’s) directive that they sell dollar to bureaux de change (BDC) operators, it had been gathered.

The lenders are complaining that the CBN did not spell out their margin in the said transaction, which makes the zeal to implement it almost non-existent.

The CBN had over the weekend, lifted its six-month ban on forex sales to BDC operators. In a circular to authorised dealers titled: “Sales of Foreign currency proceeds of international money transfers to Bureaux De Change operators”, signed by the CBN Acting Director, Trade & Exchange, W.D Gotring, the apex bank said the policy shift would ensure the stability of the exchange rate and boost participation of all critical stakeholders in the foreign exchange market.

Confirming the development, President Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, said the lenders have shown high level of unpreparedness to execute the CBN’s directive to sell the greenback to BDCs.

Read more at https://www.today.ng/business/158135/banks-ignore-cbns-directive-dollar-sales-bdcs