“BDCs are charged N1,000 per million naira transaction, costing each operator as much as N67,000 for the N67 million monthly transactions. “Many forex users prefer to buy at the parallel market instead of BDCs because there are no longer rate gaps. They prefer the parallel market where there is no single documentation required. That is why we are calling on the CBN to review the rate band for BDCs,” he said. Remember the BDCs buy dollar at N360/$1 from the International Money Transfer Operators (IMTOs),” he said.

Source: The Guardian January 09, 2018 03:11 UTC