By Dipo Olowookere
The Central Bank of Nigeria (CBN) has been advised to review the International Money Transfer Operators (IMTOs) rate to N330 to dollar, which was the previous rate at which the Bureaux de Change (BDC) operators bought.
This suggestion was made on Monday by President of Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe.
Mr Gwadabe said the present market fundamentals do not make his members breakeven because of the rate they presently get the Dollar.
“The CBN should return the IMTOs cash to original rate of N330 to Dollar for the BDCs to continue to buy,” he said.
Mr Gwadabe said the CBN maybe setting a trap for the BDCs to fall into and get punished.
“We are discussing with our members on the new development. The truth is that there is no way we can breakeven with the current rate.
“The CBN might be thinking that with a lower rate, the IMTOs may not bring in the Dollars. But we want a review of the rates,” he said.
Some of the major IMTOs include Western Union, MoneyGram and Ria.
Others are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited among others.
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