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CBN dances to parallel market pressure, to sell dollars directly to BDCs in April

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CBN dances to parallel market pressure, to sell dollars directly BDCs in April

There are every indication that the Central Bank of Nigeria (CBN) may succumb to the call by the operators at the parallel market to have direct dollar supply from the apex bank.

It is gathered that as from the first week of April 2017 there would be two-set dollar auction sale, one for the official interbank operators and another for the parallel marketer made up of Bureaus de Change dealers and other unclassified ones.

Indicatation to this effect emerged Thursday as top officials confirmed the determination of the bank to bridge the sharp gap between the official rate of naira and the dollar.

According to a reliable source, the central bank will start twice weekly currency sales to retail exchange bureaus from next week

Read also: CBN suspends deputy governor over $50m forex scam

An official of the apex bank, speaking on condition of anonymity, said that at least between $8,000 and $10,000 will be allotted to each qualified exchange bureau as from April 3.

Attempt to get CBN spokesman, Isaac Okoroafor for comments proved abortive.

But a banker, Mr.Godwin Aboh, said there would be a problem identifying qualified parallel market operators in Nigeria, with more than 4,000 members recorded as at 2016.

The naira exchanged for N314 per dollar at official rate and N362 per dollar at the parallel market.

 

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