Again, CBN pegs BDCs rate at N362/$

Just a day after it pegged the exchange rate of naira to the dollar at N360 for basic travel allowance, school fees and medical fees at deposit money banks, Central Bank of Nigeria (CBN), on Tuesday also mandated Bureau de Change to follow suit.

The apex bank said in a statement that it would henceforth sell forex to Bureau de Change (BDCs) at N360 and directed the BDCs to sell to end users at not more than N362/$1.

Acting director of corporate communications, Isaac Okorafor, who confirmed the directive in Abuja on disclosing that the CBN, under the new policy, will sell forex to the licensed BDCs at the rate ofN360/$1, while they will in turn sell to customers at a rate not more than N362/$1.

Okorafor said 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 authorize 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.