TheCable

Bureau de change (BDC) operators in Abuja, Nigeria’s capital city, say commercial banks within the country have been unable to provide foreign exchange for trade at parallel market.

A BDC operator who spoke to TheCable said they began getting dollars from the banks after officials of the Department of State Services (DSS) arrested his colleagues for selling above the stipulated exchange rate of N400.

“You said two weeks  ago that we should sell dollar at N400 and buy at N395 but banks have disagreed to do this; now, dollar is scarce,” he said.

He further explained that BDC operators in Lagos now get $8,000 per week which is too small for their operations.

“At that time, banks gave us at 382 but we sell for 465. Banks here in Abuja have stopped selling but banks in Lagos  still sell  to BDCs. They sell only $8,000 per week, which in itself is still very small.”

Earlier in November, it was reported that DSS officials arrested some BDC operators for selling above the stipulated rate.

This action forced  many BDCs across the country to carry out their trades underground, claiming to sell at N399/$1.

Checks by TheCable revealed that the BDCs were still in the business of buying dollars at N399, but have continually refuse to sell at the stipulated rate, which they complain has not been realistic.

A senior official at the Central Bank of Nigeria (CBN)  had told TheCable that the CBN is aware of the raids on illegal traders.