The Central Bank of
Nigeria (CBN) has approved that Bureaux de Change operators and commercial
banks should get foreign exchange at the same rate.
Isaac
Okorafor, CBN acting director, corporate communications, made this known in a statement
released on Monday.
This
means that banks and BDCs alike will buy the United States dollar at N357 per
dollar to sell N360. He said this would provide a positive margin of N3 per
dollar sold to BDC operators by the apex bank.
For
banks, this is the rate at which it buys forex for PTA and BTA transactions;
different from the interbank rate.
Okorafor
said the decision was aimed at giving BDCs a level playing field to enable them
to compete favourably with other authorised foreign exchange dealers.
He
urged BDC operators to abide by the new guidelines and not seek to exploit
eager customers by selling above the N360 band.
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