The association stated this following the new exchange rate regime announced by the
Under the new exchange rate regime, the IMTOs will sell to banks at N376 per dollar while the banks will sell to the CBN at N378 per dollar. The CBN in turn will sell dollars to BDCs at N378 per dollar while the BDCs are mandated to sell to the public at N380.
Expressing support to ensure effective implementation of the new exchange rate regime,
To this end, the association appealed to the public to patronise licensed BDCs to buy dollars at the N380 per dollar official price for their -BTA, PTA, medicals, mortgage and school fees so as to avoid falling victim of currency hoarders and speculators, who are creating impression of dollar scarcity in the economy.
The association stated that given the sharp drop in demand for dollars, caused by the impact of the coronavirus on global trade and travels as well as continued dollar injection by the CBN, there is no pressure in the foreign exchange market to warrant increase in the exchange rate above the official rate.
The association stated: 'In recent times, governments across the world, in a bid to stop the spread of the deadly Covid-19 virus, have imposed travel restrictions which have led to sharp decline in the volume of global passenger travel.
'One of the consequences of these developments is general decline in demand for trade and travel related services including foreign exchange.
'In recent times
'Based on this observation and information from BDC members of
'Furthermore the CBN has sustained its weekly dollar sale to BDCs at the same level, hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex.
'We believe there is no need for anybody to buy dollars from anyone at exchange rate above the official rate.
'In view of the above,
© Pakistan Press International, source