The naira maintained its downward trend after trading at 980/$ on the parallel market on Wednesday.
The Punch reported that the naira’s rate of exchange with the dollar a week ago was 950/$.
Bureau de Change employees blamed the decline on a lack of foreign money. A BDC employee, Idris Musa, stated, “We bought and sold the naira today at N965 and N980.”
A different BDC operator, Yusuf Kareem, stated: “The dollar was sold for 980 today, so we don’t know if it can go down or if it will keep rising.”
However, the naira strengthened somewhat on the FMDQ at the Investor & Exporter FX market after finishing at 770.71/$ on Wednesday from 776.76/$ on Tuesday.
The Central Bank of Nigeria was recently encouraged by the Association of Bureaux De Change Operators of Nigeria to offer digital autonomy to Bureaux De Change operators in order to achieve exchange rate convergence.
The head of ABCON, Dr. Aminu Gwadabe, urged the top bank to give the BDCs a no-objection approval so they could fully transition to digital for all of their operational correspondences.
According to Gwadabe, BDCs get their foreign currency from private sources as well as other sources, such as the CBN window, which the CBN may decide to use at any time to pay for medical expenses, a mortgage, personal home remittances, subscriptions, business travel allowances, personal travel allowances, school fees paid abroad, and subscriptions.
He claimed that ABCON had trained compliance officials to make sure they understood what was required of them, especially on monthly rendition of results and tracking illicit capital flows through compliance.
Gwadabe claimed that BDCs were following NFIU, CBN, and EFCC instructions on the rendition of suspicious transaction reports.
According to him, the CBN’s current laws and regulations must be followed by BDCs, and the CBN closely oversees and monitors their business operations.
