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Bureau De Change operators expose culprits behind Naira free fall

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Efforts by the Central Bank of Nigeria (CBN) to stabilise the naira have continued to prove less helpful as the value naira at the parallel market continues to dip.

However, the President of the Bureau De Change (BDC) operator, Aminu Gwadabe has exposed the masterminds of consistent misfortune of the naira in the foreign exchange market, most especially at the parallel market.

Gwadabe disclosed that the unauthorised persons posing as Bureau De Change operators have been responsible for the irregular fluctuations of the naira at the parallel market, according to the NAN.

He said, “People think that BDC operators are making a lot of money these days. But it’s not true. People do not understand that there are a lot of participants in the parallel market.

“I can authoritatively tell you that about 80 per cent of all registered BDCs in the country have closed down since the Central Bank of Nigeria stopped the sale of dollar to BDCs.

“Right now, the unlicensed BDCs are currently more than the licensed ones all over the country. And their activities are not regulated because they are not registered.

“So right now, the market is in the hands of speculators and these unlicensed BDCs,’’ he said.

Gwadabe advised the CBN to come up with a robust, effective and efficient monitoring and supervision of all players in the market.

He also called on the CBN to audit big corporate institutions which he claimed had become major players in the foreign exchange market.

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