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BUREAU DE CHANGE OPERATORS (BDCS
The Central Bank of Nigeria has issued a circular to BDCs informing them that they sold $10,000 t0 each BDC at a rate of N1,251/$1.
The Association of Bureau De Change Operators of Nigeria (ABCON) has maintained that BDCs do not need more than the approved N35 million capital base to operate efficiently and profitably.
The exchange rate between the naira and dollar at the black market has depreciated by about 50% since the CBN banned dollar sale dollars to bureau de change operators
It is obvious that the CBN has come to realize that BDC operators can be the difference between naira recovery and depreciation during volatile times.