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CBN Directs BDCs to Sell N362 per Dollar



As part of sustained efforts to shore up the value of the Naira and its exchange rate against other foreign currencies, the Central Bank of Nigeria (CBN) has further directed all Bureau De Change (BDCs) not to sell dollar at more than N362 to end users.

The apex bank however, said it would sell to BDCs at N360 per Dollar.

CBN’s directive to the BDCs is coming barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end users at not more than N360/$1 for BTA, PTA and school fees.
The CBN Acting Director of Corporate Communications, Isaac Okorafor, confirmed the directive in Abuja on Tuesday, explaining that while the CBN, under the new policy, sells dollar to the licensed BDCs at the rate of N360 per dollar, the BDCs will in turn sell to customers at a rate not more than N362 per dollar.

Okorafor explained that the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC.

He stressed that the CBN remained committed to ensuring transparency in the market as well as fairness to end-users, many of who hitherto experienced challenges in accessing foreign exchange.

He urged licensed BDCs to play by the rule, cautioning that the CBN would not hesitate in sanctioning any erring dealer.

The CBN spokesman further disclosed that the sum of $100 million offered to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers was fully subscribed at the auction on Tuesday, March 28, 2017.

He reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the benefit of the Nigerian economy.

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