Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators of Nigeria (ABCON), on Friday said it was illegal for his members to sell a dollar above N356.

Gwadabe made the disclosure in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the sale of dollar by Travelex to BDCs was already impacting positively on the market as the Naira had sustained gains at the major segments of the foreign exchange market.

He said that as at 4 p.m. on Friday, Travelex had sold 15, 000 dollars each to no fewer than 1,000 BDCs and that the sale was ongoing, adding that “last week, it sold 10,000 dollars each to about 850 BDCs.

“Any BDCs selling above N356 to a dollar is an infraction on our agreement and should be reported to the association or law enforcement agents for appropriate sanctions.’’

Gwadabe said that to ensure transparency in dollar sales, ABCON had advised their customers to ensure that the rate at which they bought foreign exchange was stamped on their travelling document.

NAN reports that since the resumption in the sale of foreign currencies by Travelex, a licensed International Money Transfer Organisation (IMTO), the naira had been on a path of recovery.

The currency had been appreciating at the three major segments of the foreign exchange market, a development that has raised the hope of many Nigerians.

http://www.vanguardngr.com/2016/10/selling-dollar-n356-parallel-market-illegal-gwadabe/

Tell us another story

Don't mind these thieves ruining our economy

bluaero:
Tell us another story

So the man mean, his ready to sell at #366/$ abi

dav8id:
So the man mean, his ready to sell at #366/$ abi

Only time will tell . . .

Iro n paro fun iro

Rubbish

Just the same way Lagos State government said it's illegal for Landlords to demand for 2 years rent. Such provisions can never hold any water.

market dictates price

Pls let this be true

Well this is Naija, sum bastardz will just buy everything up and start hoarding

Enemies of progress dem, I dunno y God made them rich

Buyer and seller are in business to make gain, shikinar.

thieves

Wetn a wn tk dollar buy at ketu market?

Come Ipaja gate come tell them...

We Nigerians are our own problem.

Good directive! I hope it can be enforced.

We really must stop depending too much on the dollar or any foreign currency.

989900:


Only time will tell . . .

Don't hold your breath.... Naira full safes and as an economist, a nor need to preach demand, supply , price and lack of control/rules to you again..

Good morning.

thank God those hoarding it will flood the market. and the economy will restart.

Corruption Everywhere

Now we know the real Enemies of Nigeria

If you want to send money to relatives in Nigeria, I will buy your dollars at the rate of N400/$ while you deposit into my US bank account. Don't even bother with western union and co, they exchange for 330/$ plus fees and delays.

All transactions are done within 1 minute.


Call or whatsapp, see contact in signature

I'm not understanding, lemme read the epistle first

[size=13pt]Illegal? Under which law?
This is super story...... Remember that song?
What's the next story?[/size]

I'm sure na him de sell pass others for 400+

Make him leave matter for Mathias, the real oga's dem go sell how they like and nothing like dis go happen, na to the make noise here make we hail dem, dem sabi

Mtcheew I d go back to sleep sef

Rubbish

Wetin concern person, make the thing reach 500 already..

989900:

Only time will tell . . .

who sold Wailer's form to this dude, that person should be castratated

Which illegal?........If l hear!

modath:


Don't hold your breath.... Naira full safes and as an economist, a nor need to preach demand, supply , price and lack of control/rules to you again..

Good morning.

what is this man saying ?

When banks charge above 400?
This man is loco.