It’s Illegal To Sell A Dollar For More Than N356 – ABCON...

It’s Illegal To Sell A Dollar For More Than N356 – ABCON President

By Agency Reports on October 8, 2016
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Reuben Abati Naira Economy Central Bank, Nigeria, CBN
A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. A trader changes U.S. dollars with Nigerian naira at a currency exchange store in Lagos, Nigeria, Feb. 12, 2015. | Reuters/Joe Penney

Aminu Gwadabe, president of the association of bureau de change operators of Nigeria (ABCON), says it is illegal for any of his members to sell one dollar above N356.

Gwadabe made the disclosure on Friday during an interview with NAN in Lagos.

He said the sale of dollar by Travelex to BDCs was already impacting positively on the market, sustaining the naira against at the major segments of the foreign exchange market.

He said that as of 4pm on Friday, October 7, 2016 Travelex had sold 15,000 dollars each to at least 1,000 BDCs and that the sale was ongoing.

He revealed that in the previous week, it sold 10,000 dollars each to about 850 BDCs.

“Any BDCs selling above N356 to a dollar is an infraction on our agreement and should be reported to the association or law enforcement agents for appropriate sanctions” he said.

Gwadabe said to ensure transparency in dollar sales, ABCON had advised their customers to ensure that the rate at which they bought foreign exchange was stamped on their travelling document.

Since the resumption in the sale of foreign currencies by Travelex, a licensed International Money Transfer Organisation (IMTO), the naira had been on a path of recovery.

The currency had been appreciating at the three major segments of the foreign exchange market, a development that has raised the hope of many Nigerians. (NAN)

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