BDC operator Hailed CBN

A Lagos-based Bureau De Change (BDC) operator, Alhaji Nasiru Ibrahim Gulma has hailed the Central Bank of Nigeria (CBN) interventions in the foreign exchange market, saying it has helped in stabilizing the market.

He said one dollar would have been exchanged for N1000 if the CBN had not intervened by supplying dollars to the operators.

Gulma, an indigene of Kebbi state and licensed BDC operator, in a chat with Daily Trust said the CBN policy would further rub off on those who genuinely need dollars to import their goods and concomitantly bring about reduction in prices of goods.

He blamed the instability in the forex market on speculators in the market. He urged the CBN to be courageous enough to deal with unscrupulous speculators.

While he pledged the commitment of BDC operators to support government efforts in bringing about stability in the forex market, the businessman who is the Managing Director of Asarara BDC Limited asked the CBN to sanction any operator that is not ready to play by the rules.

He said CBN had been supplying over 3000 registered BDC operators with $20,000 a week, which is a huge intervention and this has gone a long way in easing pressure off commercial banks.

According to him, if the interventions continue, the dollar would crash further.

He said, "I believe if everybody can follow the normal procedure, I think the market would come down more than what we are witnessing.

"I believe the policy is good and we hope it (dollar) would soon come down to N340. I think it is a great achievement to the nation and people of the country. It will help in reducing the cost of goods and services. It will really favour the people doing business."

Source : Daily Trust