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18/06/2021
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Posted 2 weeks ago

ABCON President, Alhaji Aminu Gwadabbe, Re-Affirms BDCs Commitments to Maintain CBN’s Allowed Margin Rate

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The ABCON President, Alhaji Aminu Gwadabe, in a statement issued at the weekend, had claimed that all CBN-licenced BDCs now operates with regulatory guidelines by selling dollars at CBN’s approved rate. Alhaji Gwadabe in his statement advised all members of the public to always patronise only CBN licensed BDCs that are regulatory-compliant, and operate within international best practices.

He explained that parallel market activities have for years been the major drivers of the exchange rates, and regulations over such transactions have increasingly becoming burdensome recently. 

Gwadabe said that CBN-licenced BDCs are not selling dollars to end users above the N2 per dollar margin set by the financial sector regulator to protect the naira against foreign exchange speculators and ensure exchange rate stability.

Gwadabe used the opportunity to react to a report in a national dallies, titled, “Devaluation: BDCs Get dollars at N393, Sells for N494” according to the report, anonymous sources from commercial bank told them that banks were instructed to fund the BDCs at the rate of 393/$ as of Friday. ABCON have therefore described the report as inaccurate and fallacy, as no commercial banks fund BDCs and no BDC collects dollars from the banks”.

Elyon Research

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