- Foreign Exchange dealers have expressed concern over the widening gap between the interbank and the Bureau de Change rates which nears N30 a dollar.
- The naira traded at 226 against the US dollar on Friday, June 26, in the black market but the value dipped by 50 kobo to 196.5 at the end of the week
- According to Lagos-based currency trader, Abubakar Sadiq, the gap is alarming and unsustainable.
- He stressed that majority of small currency users patronize the BDCs to source the foreign currencies and with this huge gap, the small users are at the receiving end.
“Although, we the traders are the beneficiaries of this gap, but it is not sustainable. If you multiply the 2,960 registered BDCs by the $30,000 released by the CBN on weekly basis you will record $88.8million dollars in the markets and if you multiply that by N30 difference is about N2.66billion going out of the hand of these small users weekly,” he said.
- Speaking on the new policy that stops about 41 items from sourcing the forex from the markets, Sadiq stated that it may not likely increase the value of the naira because there are other external markets that the CBN have no control over.
- Also speaking on the current market situation, an Abuja operator, Aliyu Shehu said the increasing gap between the interbank and BDCs is as a result of the various policies by the CBN in recent times.
- Also speaking on the current market situation, an Abuja operator, Aliyu Shehu said the increasing gap between the interbank and BDCs is as a result of the various policies by the CBN in recent times.
- Shehu said the BDC market is temporally dead because there is no currency to trade, that what led to the increase in the value of the foreign currencies.
- Source: BizwatchNigeria
Widening Gap Between Interbank, BDC Rates: Forex Dealers Express Concern
