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DAILY BUSINESS NEWS BRIEF – BDCs allege banks benefit from their losses

21
Aug

 

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BDCs allege banks benefit from their losses
Bureau De Change (BDC) operators have said they are badly affected by the trending “uncompetitive rate”, which comes as the Central Bank of Nigeria (CBN) sells dollars to them at higher rate compared to what it sells to commercial banks.Reacting to the development, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said BDCs buy dollar from the CBN at N360/$1 and sell to end users at N362/$1, while the regulator sells to commercial banks at N358/$1 and the banks sell to end users at N360/$1, which affects them badly.Read More…]

 

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