CBN Introduces New FX Rate for BDCs

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  • CBN Introduces New FX Rate for BDCs

The Central Bank of Nigeria has reviewed down the rate at which it was selling dollars to Bureau De Change operators nationwide.

President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told the News Agency of Nigeria in Lagos on Tuesday that the buying rate for BDCs would now be N350 and would sell at N360 to the dollar.

Before now, BDCs were buying dollars from the CBN at a forward rate of N381 to the dollar and selling at N399 to the dollar.

Gwadabe commended the CBN for heeding the appeal of BDCs for a level playing field for all players in the foreign exchange market.

The ABCON chief pledged the commitment of all BDCs in collaborating with the apex bank to sustain the gains recorded by naira against the dollar.

The CBN, had on Monday, pegged the selling rate for Deposit Money Banks at N360 to the dollar.

The CBN had injected close to two billion dollars since it started its intervention in the foreign exchange market five weeks ago.

Efforts of the apex bank have crashed dollar rates at the parallel market to between N375 in Lagos and N365 in Abuja.

The CBN said it determined to crush speculators in the market and ensure that genuine foreign exchange seekers have access to foreign currencies with ease.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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