See what is happening to bureau de change operators after CBN policy

 Nigeria’s bureau de change operators have been boxed into a corner after the announcement of a new forex policy by the Central Bank of Nigeria (CBN).
The new policy, according to Godwin Emefiele, the CBN govenor, is one that ensured the floating of the Nigerian currency, and the fact that the foreign currency will only be obtained from only a market.
When NAIJ.com’s crew went on the streets to ask the BDC operators for their thoughts on the new policy by the central bank, they were quite evasive, as they vowed that they had nothing to say about the new development. Most of them stated categorically that it will not in any way affect their smooth operation.
Not even a visit to the Association of Bureau De Change Operators of Nigeria (ABCON) headquarters in Lagos made any difference as our correspondents were practically sent out of the office, with the impression that their (ABCON’s) privacy was being intruded on.
Unperturbed by these actions, NAIJ.com crew went further to seek answers to the new policy and discovered quite well that the exchange rate of the Nigerian currency against the dollar had reduced drastically again (now sells at N355/dollar up from N370/dollar on Thursday morning).
The idea behind this sudden change, our correspondent gathered, was for the BDC guys to make last minute profits, especially because they had inflated the prices earlier in the day.
“I am telling you categorically that by Monday, even tomorrow (Friday), new rates are likely to emerge. I meant, the reduction is likely to continue compared to what we have now.
“The reason is simple, guys are still expecting the CBN’s explanation on how it will affect the BDC guys. So, rather than lose out all together, they play on people’s intelligence and make massive gain when they reduce the amount later in the day because they are sure people will want to trade because of the reduction.
“To be honest, nobody will be willing to talk to you about the new policy right now because everybody is still waiting for the new move on BDCs by the CBN. Hopefully, things will not be as terrible as some are already envisaging,” an anonymous source told our correspondent.
Nigerians are still confused as to how the latest move by the CBN will affect them, especially those who might need to travel outside the country and will need the American dollar to book flights and make other expenses.
One of the BDC operators at the Airport Hotel in Ikeja, however told our correspondent that the association is not unaware of this and have “sent a text message to us that they will soon educate us on how the new policy will affect us next week since the CBN will commence the implementation of the new development next week.”
While everybody is waiting for the full implementation of the new policy, Nigerians can only expect that the moves by the CBN puts more food on their tables and alienate the poverty level in the country.
Source:Naij