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CBN succumbs, reduces dollar exchange rate
The Central Bank of Nigeria (CBN) on Monday reduced the rate at which Bureau De Change (BDC) operators in the country buy dollar from the bank to N357 per dollar from N360 per dollar.
The apex bank also lowered the rate at which the BDCs sell dollar to the public, which was at N362 per dollar, to N360 per dollar.
Ripples Nigeria reported that the Association of Bureau De Change Operators of Nigeria (ABCON) led by its President, Aminu Gwadabe, had called for an urgent review of the BDC’s dollar purchase rate to merge with that of commercial banks for “uniformity and fairness.”
The CBN Acting Director, Corporate Communications Department, Isaac Okoroafor, confirmed this to journalists shortly after a meeting by officials of the bank with ABCON executives in Abuja.
He said the decision was aimed at giving BDCs a level playing field to enable them compete favourably with other authorised foreign exchange dealers.
Okoroafor urged the BDC operators to abide by the guidelines by not selling above N360 per dollar, adding that any BDC caught flouting the rule would be sanctioned.
Gwadabe, who led ABCON executives to the meeting, also confirmed the downward review of dollar rate in a message to his members at the end of the meeting.
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“This is to inform all our members that the CBN have considered our demand on the rate review and therefore have approved with immediate effect as follows: Our buying rate N357 per dollar; Our selling rate N360 per dollar.
“Please comply urgently and you are therefore warned that any one caught selling above the N360 per dollar will be severely dealt with,” the message read.
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