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Forex Delears Fret Over Widening Gap Between Interbank and BDC Exchange Rates
Posted by Lolade on Mon 29th Jun, 2015 - tori.ngThe widening gap between the interbank and the Bureau de Change rates which nears N30 a dollar, has become a source of concern for foreign exchange dealers in the country.
Forex dealers in the country have raised alarm over the increasing gap between the interbank and the Bureau de Change rates which nears N30 a dollar.
The naira traded at 226 against the US dollar on Friday, June 26, in the black market but the value dipped by 50 kobo to 196.5 at the end of the week.
According to Lagos-based currency trader, Abubakar Sadiq, the gap is alarming and unsustainable.
He stated that majority of small currency users patronize the BDCs to source the foreign currencies and with this huge gap, the small users are at the receiving end.
“Although, we the traders are the beneficiaries of this gap, but it is not sustainable. If you multiply the 2,960 registered BDCs by the $30,000 released by the CBN on weekly basis you will record $88.8million dollars in the markets and if you multiply that by N30 difference is about N2.66billion going out of the hand of these small users weekly,” he said.
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