Bureau De Change Insists Naira Remains N360/$

• Bureau De Change Insists Naira Remains N360/$

Despite growing uncertainty and surged in the foreign exchange rate of the Naira to the US dollar, the Association of the Bureaux De Change Operators of Nigeria (ABCON) has said the approved exchange rate in line with the Central Bank of Nigeria’s directive remains N360 per US dollar.

In a statement issued by the association, members of the public were advised to patronise CBN licensed BDCs to purchase US dollars at the official rate. The Association blames speculators and hoarders for the surge in the exchange rate on the parallel market.

The statement reads: “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 have led to a 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% of Nigeria’s import.

“One of the consequences of these developments is the general decline in demand for trade and travel-related services including foreign exchange. 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 points in the market. Furthermore, 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 the exchange rate above the official rate. CBN sells dollars to BDCs at N357 per dollar while BDCs are mandated to sell to the public at N360 per dollar for eligible transactions namely, BTA; PTA; Medicals; Mortgage; and School fees.”

The association, therefore, assured the public that there are enough dollars to meet demand at various registered Bureau De Change across the country.

Click here for a complete list of CBN registered bureau de change operators across Nigeria.