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.
-NAN
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