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Forex BDC meets today to sanction erring operators

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The directors of over 3,000 Bureaux De Change operators will on Monday (today) hold a special meeting aimed at taking strategic decisions to force down the exchange rate on the parallel market.

The association, in a statement on Sunday, said the emergency meeting followed last week’s sudden depreciation of the naira against the dollar, pointing out that the development was against the interest of the BDCs and the economy.

The naira closed at 405/dollar on Friday after stabilising at N380/dollar the previous week. The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the meeting would be used to warn errant BDC directors about the consequence of violating operating guidelines.

The BDCs, he said, would continue to support the Central Bank of Nigeria’s exchange rate stability objective and ensure that official and parallel market rates’ convergence was achieved.

 

 

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