{"id":58041,"date":"2022-04-18T14:53:39","date_gmt":"2022-04-18T13:53:39","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=58041"},"modified":"2022-04-18T14:53:44","modified_gmt":"2022-04-18T13:53:44","slug":"bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/","title":{"rendered":"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON"},"content":{"rendered":"

\"\"The Association of Bureaux De Change Operators of Nigeria, ABCON, said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria, CBN<\/p>\n

ABCON stated this\u00a0 \u00a0in its Quarterly Economy Review for the first quarter of the year (Q1\u201922), expressing concerns over the inability of the fiscal and monetary authorities to address the wide parallel market and multiple exchange rates in the country.<\/p>\n

\n

The gap between the official and parallel market exchange rates (premium) widened to N171.83 per dollar at the end of first quarter (Q3\u201922) from N106.33 per dollar on Wednesday July 28, a day before the apex bank suspended dollar sales to BDCs.<\/p>\n<\/div>\n

\n

Commenting on the trend, ABCON\u00a0 said: \u201cA premium is the outcome of market restrictions that drive the non-official supply and demand for foreign currency which is a symptom of the inconsistency of fiscal and monetary policies. It also shows lack of credibility of exchange rate policy given the level of foreign reserves. \u201cThose fiscal and monetary policies in Nigeria cannot curtail the premium of rent seeking dealers in foreign exchange, that is banks and other intermediaries, is worrisome and highly contributory to the distortions in the economy.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n
\n

\u201cMultiple exchange rates cause distortions by manipulating relative prices in the economy and widen opportunities for rent-seeking behaviour for those who have access to the lower exchange rates. When the multiple exchange rates are corrected, it would promote a more efficient application of market-driven relative prices to allocate resources in the economy.\u201d<\/p>\n<\/div>\n

\n

The association also highlighted the nation\u2019s huge public\u00a0 debt and increasing level of poverty,\u00a0 recommending that the Federal government should reconsider its strategy of depending on debt to grow the economy. VANGUARD<\/p>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

The Association of Bureaux De Change Operators of Nigeria, ABCON, said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria, CBN<\/p>\n","protected":false},"author":6,"featured_media":58046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[],"coauthors":[2391],"class_list":["post-58041","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news"],"yoast_head":"\nBDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Association of Bureaux De Change Operators of Nigeria, ABCON, said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria, CBN\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-18T13:53:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-18T13:53:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"338\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg\",\"width\":338,\"height\":270},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/\",\"name\":\"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#primaryimage\"},\"datePublished\":\"2022-04-18T13:53:39+00:00\",\"dateModified\":\"2022-04-18T13:53:44+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/","og_locale":"en_US","og_type":"article","og_title":"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire","og_description":"The Association of Bureaux De Change Operators of Nigeria, ABCON, said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria, CBN","og_url":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/","og_site_name":"National Wire","article_published_time":"2022-04-18T13:53:39+00:00","article_modified_time":"2022-04-18T13:53:44+00:00","og_image":[{"width":338,"height":270,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2022\/04\/20220418_145150.jpg","width":338,"height":270},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/","name":"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#primaryimage"},"datePublished":"2022-04-18T13:53:39+00:00","dateModified":"2022-04-18T13:53:44+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/bdc-suspension-worsens-dollar-scarcity-parallel-market-premiu-abcon\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"BDC Suspension Worsens Dollar Scarcity, Parallel Market Premiu\u2014 ABCON"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/58041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=58041"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/58041\/revisions"}],"predecessor-version":[{"id":58047,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/58041\/revisions\/58047"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/58046"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=58041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=58041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=58041"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=58041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}