Bureaux de Change in Nigeria record 163 percent increase in dollar sales

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The Association of Bureaux De Change Operators of Nigeria (ABCON) said there was a 163 percent increase in dollar sales to bureaux de change (BDCs) which amounted to $3.1 billion in the first half of 2018. The Association acknowledged that this development has helped sustain Nigeria’s exchange rate stability and protected 25,000 jobs in the sub-sector.

ABCON President, Alhaji Aminu Gwadabe, who stated this while commenting on the half year 2018 draft economic report released by the Central Bank of Nigeria (CBN), said CBN dollar sales to BDCs rose by 163 percent to $3.1 billion in the first half of the year, from $1.2 billion in the corresponding period of 2017.

It was revealed that the CBN in May 2018, increased weekly dollar sales to each BDCs by 50 percent to $60,000 per week from $40,000 per week.

Gwadabe noted that the increase in sales was attributed to the success recorded in the Investors and Exporters (I&E) window introduced by the CBN and the transparency in the forex market, facilitated by the live exchange rate platform introduced by ABCON.

According to Gwadabe, the development enabled the central bank to empower BDCs in achieving sustained exchange rate stability. On the impact of increased forex sales to BDCs, he said “the overall impact in the economy includes employment generation of over 25,000 in the BDC sub sector and enhanced investors’ confidence.”

Gwadabe noted that the recent efforts of the Association to automate operations of BDCs will help to consolidate on these gains.

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