Bureau de change to sell N360/$1

Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria said on Tuesday that the buying rate for BDCs would now be N350 and would sell at N360 to the dollar.PHOTO: REUTERS/AFOLABI SOTUNDE

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

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

NAN reports that 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.

NAN further reports that the CBN, had on Monday, pegged the selling rate for Deposit Money Banks (DMBs) 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.



2 Comments
  • obamajack2

    It still in a high side, we want it to come where he met #197=$1. PMB promised us a stronger naira during his campaign.

  • 0swal0

    So what happens when they don’t have the dollars to throw into the market anymore?

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