As Naira depreciates further in the parallel market
By Elizabeth Adegbesan
Bureau de Change, BDC, operators have been surviving by several options since they were banned from the Central Bank of Nigeria, CBN, supply of foreign exchange, Forex, a little over one month ago.
A group of financial market observers at the United Capital Plc, have made an inquest into the activities of the BDCs since the ban and these are some of their findings.
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‘‘Following the Central Bank of Nigeria’s (CBN) decision to halt sale of Foreign Exchange (FX) to Bureau De Change (BDCs) operators, many of them have suffered for volumes and had to seek alternative sources to get FX supply. Survey of anecdotal sources revealed that BDCs do not solely depend on the CBN but have sourced for FX through the peer-to-peer transactions to fund their supplies.
‘‘The recent ban has forced them to amplify their reliance on sourcing…
Source: Vanguard Newspaper