Forex: BDCs appeal for higher allocation

Bureaux De Change operators in the country have appealed to the Central Bank of Nigeria (CBN) for an increase in the weekly sale of foreign exchange to each operator.

The BDCs also urged the CBN to extend its occasional intervention in the foreign exchange market to their sector to reduce demand pressure at the retail end of the market.

Speaking under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON), the BDCs lamented that while over 2000 operators have laboured to comply with the N35 million mandatory caution deposits, the $15,000 weekly sale to each BDC by the CBN is inadequate to cover operating costs.