CBN Cuts BDC Forex Rate To N362
The Central Bank of Nigeria (CBN) has slashed the bureaux de change (BDCs) exchange rate to end-users to N362 per dollar from N399 per dollar.
Isaac Okorafor, CBN Acting Director of Corporate Communications, confirmed this development in a statement on Tuesday.
According to Okorafor, the CBN will sell to BDCs at N360 per dollar, while BDCs are now to sell to the end-users at maximum of N362 per dollar.
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He also said that the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC, stressing 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 therefore urged licensed BDCs to play by the rule, cautioning that the CBN would not hesitate in sanctioning any erring dealer.
Meanwhile, the CBN spokesman also disclosed to newsmen 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.
Okorafor also 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.
