Bureaux De Change (BDC) operators in the country are struggling to survive following a drop in margins caused by uncompetitive dollar selling rate from the Central Bank of Nigeria (CBN).
The development has lead to a downsizing of their workforce by most of the operators.
The CBN sells $20,000 dollars twice per week at N360 per dollars to each of the 3,500 BDCs across the country.
Speaking after the general meeting of the Association of Bureaux De Change Operators of Nigeria (ABCON) in Lagos yesterday, BDCs operators unanimously called on the apex bank to urgently review its dollar selling rate to BDCs to N355 per dollar in order to address the wave of staff retrenchment in the industry.
They also called on the apex bank to review downward the annual $250,000 license renewal fee and extend the deadline from January 31st to March 31st.
The CBN is set to meet with ABCON tomorrow to discuss the issues raised by the BDCs especially the dollar selling rate.
