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CBN goes sober, begs BDCs over foreign exchange

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CBN governor, Emefiele, may face probe over alleged Forex racketeering

With virtually all its policies aimed at strengthening the naira not yielding positive results, the Central Bank of Nigeria (CBN) has perfected plans to seek help from the various stakeholders, particularly operators at the parallel market.

To this effect, a different approach, contrary to harassing the Bureau De Change operators is to be the new way aimed at seeking cooperation of this segment of the players as a way out.

It could be recalled that one of the approaches adopted by government to shore up the value of naira included using security operatives, including the DSS, to arrest some BDC officials over alleged round tripping deal with dollars they sourced through the interbank market.

But the apex bank officials said a new understanding had made it necessary for a reversal of all hostile approaches for a lasting solution, one of which is to meet with BDC operators periodically to find ways of reducing the gap between the official and black market rates of naira to the dollar.

Read also: Audit of Nigerian refineries coming

When contacted, president of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, put it this way: “We’re always ready to cooperate with government in stabilising the naira, so anything that will make this possible is to our mutual interests and benefits.”

On the proposed meeting with CBN, he said his group had been contacted, adding that the BCDs’ demands would include that no more harassment of its members should be allowed, while those still reporting to the security agencies be let alone.

It was learnt that the recent directive by the Finance Minister, Kemi Adeosun, that all stakeholders in the system should work towards bridging the wide gap between the official exchange rate and the parallel market has been of concern to CBN.

As at Monday, a dollar was exchanging for N497 at the black market, a situation that was said to have created some panic.

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0 Comments

  1. JOHNSON PETER

    January 10, 2017 at 4:21 pm

    At least they have pegged the exchange rate now to #399. At least that sound relieving somehow.

    • seyi jelili

      January 10, 2017 at 4:32 pm

      The fact is that dollar is never stable. It will still soar higher than #399 much more later except our economy stands solid and firm.

  2. Roland Uchendu Pele

    January 10, 2017 at 4:34 pm

    Bureau de change must have an upper hand. These guys have taking over fores, they are so good at it, and CBN is yet to know what they are up against.

  3. yanju omotodun

    January 10, 2017 at 4:46 pm

    The Central Bank is the cause of this dollar exchange rate problem because our monetary policies are not good at all. Dollar will continue to struggle until we get our monetary policies right.

    • Joy Madu

      January 10, 2017 at 5:17 pm

      So what monetary policy is wrong ?
      you are making mountain out of mole hill.
      Monetary policy is the problem at all.

    • Margret Dickson

      January 10, 2017 at 5:27 pm

      We need better hands and more qualified people to handle our economy, not these people who don’t know how to manage anything.

  4. chichi emerue

    January 10, 2017 at 5:21 pm

    Enough is enough. Why can’t be nairalise our economy both within and without so as to make our currency valuable.

  5. Animashaun Ayodeji

    January 10, 2017 at 5:21 pm

    The Central Bank Governor may have all the necessary qualifications to be the governor but, he’s not qualified practically

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