Resume Forex Bidding By BDCs To Stabilize Exchange Rate, Operators Beg New CBN Management


The Bureau de Change operators have urged the new management of the Central Bank of Nigeria, CBN to resume Foreign Exchange, Forex bidding by the Bureau de Change operators to stabilize the exchange rate and the economy.

An operator who chose to remain anonymous assured that the BDC operators were ever ready to work with President Bola Tinubu’s government to stabilize the economy through stable exchange rate.

Describing the BDCs as Micro Forex Institutions licensed and regulated by Central Bank of Nigeria, CBN to provide small scale foreign exchange service to small Forex end users as a stand alone, the source, however, lamented that since July 27, 2021 that the former CBN Governor, Godwin Emefiele suspended the sale of dollars to BDCs; they were virtually redundant.

“BDCs can no longer make any margin income to service their operational cost for over two years. And the CBN did not give any clarification on the survival of BDCs after terminating their core source of revenue. BDCs employees and dependent relatives are frustrated and wallowing in poverty”, the source said.

The source maintained that BDCs were economic tool of CBN to stabilize exchange rate adding that immediately the  past CBN management led by Mr. Godwin Emefiele stopped their participation in the foreign exchange market, the exchange rate started rising.

“The banks could not stabilize it because it is not their core competence. But BDCs are specialists in unification of rate between the I&E window and the parallel or black market.

“We appeal to the incumbent CBN management to reactivate Forex bidding by BDCs for BDCs are ever ready to work with President Tinubu’s government to stabilize the economy through stable exchange rate”, he said.

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