700 Bureau de Change operators under threat

Posted by News Express | 21 August 2017 | 2,228 times

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•BDC Association President Aminu Gwadabe

More than 700 Bureau De Change operators are inactive at the Central Bank of Nigeria forex window.

President of the Association of Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe, says the development has rendered the BDCS under threat as uncompetitive exchange rate continues to hit their bottom line, and place the sustainability of their business in jeopardy.

According to Gwadabe, the regulator sells dollars to the BDCS at a higher rate compared to what the CBN sells to commercial banks.

He added that the practice was affecting their business because both the BDCS and banks were targeting the same market segment and customers. (Channels TV)


Source: News Express

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