Home Business BDCs record low patronage as new FOREX regime commences

BDCs record low patronage as new FOREX regime commences


Abuja  –  Bureau de Change (BDC) operators in Abuja have lamented poor patronage since the commencement of the new Foreign Exchange (FX) policy.

NAN correspondent who went round some popular streets foreign currencies is being traded in Abuja, they were bereft of customers.

The dealers were seen hanging around as they wait for customers.

Alhaji Abubakar Kura told News Agency of Nigeria (NAN) that Naira was now trading for N315 to a dollar at parallel market as against an average of N365 it was trading last week.

“Even with the drop in dollar price, we are surprised that customers are not coming.

“ We are very worried about our business and hope this new policy does not mean the end of our livelihood,” he said.

Alhaji Mahmoud Madawa, another operator said the BDCs were willing to buy from the banks if banks would sell in a way that would allow the BDCs to also make profit.

`It is in our interest that FOREX should go down and when it is down, we even make a lot of profit.

“ But people don’t know that, they feel it is our fault that FOREX is so expensive,” he said.

Mr Yusuf Ibrahim, the Chairman, Association of BDC operators in Abuja was optimistic that the market would soon improve.

He said that people were not buying simply because they wanted to monitor the market and once they get use to the new system, BDC operators would be back in business.

However, the President, Association of Bureau de Change in Nigeria, Mr Aminu Gwadabe, advised CBN to resolve issues concerning appointment of primary FOREX dealers, who he said were key players in the new regime.

According to him, the delay is affecting the market.

He also appealed to CBN to consider the interest of the BDCs in the new FOREX policy.

NAN reports that the Naira is currently trading at N281.8 at the FMDQ, the securities exchange company where the trading platform is located.

NAN also reports that the Naira-settled FOREX future market will commence on June 27, this is to enable corporate treasurers effectively manage FOREX risks in their businesses.(NAN)

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