Operators of Bureau De Change (BDC) are expressing excitement following the Central Bank of Nigeria’s (CBN) recent decision to approve the sale of US$20,000 to each eligible member. This move aims to increase the availability of foreign currency in the market, providing much-needed relief to both operators and their customers.
Speaking to OBSERVERSTIMES on the condition of anonymity, several BDC operators shared their optimism about the CBN’s initiative. They believe it will significantly alleviate the demand for foreign currency, especially with the upcoming school resumption period, which typically sees a spike in currency needs.
OBSERVERSTIMES recalls that the CBN’s approval allows each eligible BDC member to access US$20,000, provided they meet specific requirements. This decision comes after a long hiatus, as Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, previously indicated that the CBN had suspended supply to BDCs since March and was moving towards a complete liberalization of the foreign exchange market.
Ibrahim Abdul, a BDC operator based in Abuja, expressed his relief at the new development, stating, “This is a big relief. Although the approval comes with conditions, I believe many of our members have already met the criteria.” He added that he himself has fulfilled the necessary requirements.
Another operator, who also wished to remain anonymous, noted that while some members may struggle to access the US$20,000 due to unmet requirements, they are hopeful of collaborating with peers who have already satisfied the CBN’s standards. “This is a significant relief,” he said, emphasizing the need for greater communication between the BDC association and the apex bank.
Despite some challenges, the overall atmosphere among BDC operators in Zone 4 is one of optimism and excitement. Many members appear happy with the CBN’s latest release, reflecting a renewed sense of hope in the foreign currency market.
OBSERVERSTIMES made attempts to reach Gwadabe for further comments, but those efforts were unsuccessful. Nonetheless, the positive sentiment among BDC operators signals a hopeful turn in the market dynamics as they prepare to meet the growing demand for foreign currency.
