he Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria to restructure the BDC sub-sector, in order to address the continued depreciation of the naira in the parallel market.
This was contained in the ABCON Quarterly Economic Review for the third quarter of 2021.
ABCON noted that recent developments in the foreign exchange market have proven that the suspension of dollar sales to BDCs is not the solution to the continued depreciation of the naira in the parallel market.
It added that the continued depreciation of the naira has also proven that BDCs are indispensable in Nigeria’s context of the foreign exchange market.
It also called on the CBN to resume dollar sales to the public through BDCs especially in view of the failure of the intervention through Deposit Money Banks to bridge the gap between the official and parallel market exchange rates.