BDC operators worry $20,000 from CBN may not be enough
Aderemi Ojekunle is a Businessamlive Reporter.
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As the Central Bank of Nigeria resumes the sale of foreign exchannge to bureau de change houses after it was suspended in March due to the Coronavirus pandemic, some operators have expressed fears that the weekly $20,000 allocation to each BDC in a week may not be enough to meet their customers’ need.
The CBN, while announcing the resumption of forex sale to the BDCs said auctions will be conducted on Monday and Wednesday each week, with a BDC entitled to $10,000 per auction.
However, th0se who spoke confidentially to Business a.m. said the $20,000 was a far cry from the pre Covid allocation of $75,000 per week, pointing out a huge $55,000 differential.
According to them, the situation will allow the continued flourishing of the parallel market as fund users will go all out to look for the forex where ever it is available.