According to the Nation report;
Bureau de Change operators consume on the average, over $1billion in foreign exchange transactions per week and close to $4.2billion per month.
The President, Association of Bureau De Change Operators of Nigeria (ABCON) Mohammed Aminu Gwadabe, said each registered BDC receives $50,000 from the Central Bank of Nigeria (CBN) every week, and in addition, procures $250,000 from the Money Deposit Banks for their regular transactions. He said there are about 3500 CBN registered BDC operators.
He said although the BDcs play a vital role in the foreign exchange market, they remain a small segment of the forex market, adding however that the BDC sector is one of the major monetary tools of the CBN to achieve the convergence of the exchange rate of the naira.
