Business Sell forex at N380/$ - ABCON tells BDCs

Sell forex at N380/$ – ABCON tells BDCs


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Sell forex at N380/$ - ABCON tells BDCs









Bureaux De Change (BDCs) operators  across the country have been directed to comply with the new official exchange rate of N380 per dollar, as well as other provisions of the new foreign exchange regime.

The Association of Bureaux De Change Operators of Nigeria (ABCON), which gave the order yesterday, also reaffirmed its assurance to members of the public that the body will  continue to sell dollar at the new official exchange rate of N380 per dollar.

ABCON said the directive followed the  new  exchange rate regime announced on Friday by the Central Bank of Nigeria (CBN) for the disbursement of the proceeds of the international money transfer services operators (IMTOs) Under the new exchange rate regime , the IMTOs will sell to banks at N376 per dollar while the banks will sell to the CBN at N378 per dollar, adding that the CBN in turn will sell dollars to BDCs at N378 per dollar, while the BDCs are mandated to sell to the public at N380.

In compliance with the new regime,  ABCON said it would continue to partner with the apex bank  for exchange rate stability and orderly conduct of the foreign exchange market especially at the retail segment where its members operate.

It appealed to the public to patronise licensed BDCs to purchase dollars at the N380 per dollar official price for BTA, PTA, Medicals, Mortgage and School fees so as to avoid falling victim of currency hoarders and speculators, who are creating the impression of dollar scarcity in the economy.

ABCON said  given the sharp drop in demand for dollars, caused by the impact of the coronavirus on global trade and travels as well as the continued dollar injection by the CBN, there is no pressure in the foreign exchange market to warrant increase in the exchange rate above the official rate.

It said: “In recent times, governments across the world, in a bid to stop the spread of the deadly Covid-19 virus, have imposed travel restrictions which has led to sharp decline in the volume of global passenger travel. Trade is also at its lowest level globally due to widespread shutting down of businesses in most countries especially China which accounts for about 25 per cent of Nigeria’s import.

“One of the consequences of these developments   is general decline in demand for trade and travel related services including foreign exchange,”  saying in recent times ABCON has observed a steady decline in  demand for dollars across the various categories of forex end users.”

Based on this observation and information from  BDC members of ABCON, we can categorically state that demand for dollars is at one of its lowest point in the market.

“Furthermore the CBN has sustained its weekly dollar sale to BDCs at the same level,  hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex.

“In view of the above, we believe there is no need for anybody to buy dollars from anyone at exchange rate above the official rate,” it said. 

Sell forex at N380/$ - ABCON tells BDCs
Parrot Nigeria
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