The Central Bank of Nigeria (CBN) will hold a meeting with operators of Bureau De Change (BDC) today to help proffer solutions towards the elimination of the gap between the official and black market dollar rates.
This was made known by the president of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe.
“We would like to find ways to resolve the issue of multiplicity of exchange rates and ensure stability in the market.
“The aim is to boost liquidity and attract foreign investors.
“The naira lost a third of its official value against the dollar in 2016 after the bank scrapped a peg in a bid to alleviate dollar shortages. On the black market, the naira is worth about 40 percent less than the official rate. It closed at N490 to the dollar on Monday.”
He added that the central bank often consults industry bodies, including banking and currency associations as a routine check before finalizing a policy.
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