ADVERTISEMENT

CBN reviews BDC rates down to N360/$

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

ADVERTISEMENT

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. (NAN)


Share this article

BARRISTER Anthony Woke Up At About 12Midnight To Urinate. He Almost Fainted When He Just Couldn't Pee: ENLARGED PROSTATE!!!

ALHAJI Ahmed Pees 7 Times At Night, More At Daytime: PROSTATE ISSUES!!!

ANY MAN ABOVE 40 Shouldn't Wait For This Crisis! PREVENT PROSTATE CANCER!

PREVENT Or SHRINK Your Enlarged PROSTATE Within 15 Days Without Surgery!!! Click To See HOW!

Join us on


Send DTM to 4900 (MTN) or DTM to 655 (Etisalat) for regular updates and more

Share your story with us: 08189301900 (Whatsapp and SMS only) Email: dtonline@dailytrust.com Or use this form

Complain about a story or Report an error and/or correction: +2348189301900

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.