Association of Bureau de Change Operators in
Nigeria, has pointed accusing fingers at
unauthorised persons posing as BDC operators
as those responsible for the irregular fluctuations
of the naira at the parallel market.
"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
CBN 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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