dollar naira.webp
The Digest:

Bureau De Change (BDC) operators are warning of imminent collapse as the Central Bank of Nigeria’s continued suspension of dollar sales to retail forex traders pushes the sector toward extinction. With most operators struggling to cover basic expenses, the industry now describes itself as “comatose,” surviving only on unstructured customer transactions.

Key Points:
  • BDC operators report being pushed toward extinction due to the loss of the official dollar supply.
  • Overhead costs - rent, salaries, licenses- have become unsustainable with plummeting income.
  • Many operators have closed shops or downsized staff amid low transaction volumes.
  • Demand has shifted to online transfers and IMTOs, reducing physical forex purchases.
  • ABCON President Aminu Gwadebe confirmed members are in “positive discussions” with the CBN.
  • The CBN halted forex sales to BDCs in 2021, briefly resumed in 2024, then stopped again.
  • BDCs urge a return to the 2015 policy allowing access to banks’ autonomous forex windows.
As the formal retail forex sector fights for survival, its potential disappearance marks a pivotal shift in how Nigeria manages foreign exchange liquidity and accessibility.

Sources: Nairametrics, ABCON