CBN Moves To Streamline Exchange Rates, Meets BDCs

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Worried by the multiple exchange rates in the country, the Central Bank of Nigeria (CBN) will be meeting with bureau de change (BDC) operators in Abuja to address the issue.

President of the Bureau de change Association (ABCON), disclosed that the body would meet central bank officials on Tuesday.

“We would like to find ways to resolve the issue of multiplicity of exchange rates and ensure stability in the market,” he was quoted by Reuters.

The Naira, Nigeria’s currency, has seen its value depreciate considerably over the past few months with different exchange rates prompting Vice-President Yemi Osinbajo and Kemi Adeosun, the Minister of Finance, stating that that the country would get more flexible with its exchange rate system, narrowing the conflicting gap between the parallel and official market.

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