The Central Bank of Nigeria (CBN), on Tuesday
slashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria
to N360 and directed the BDCs to sell to end users at not more than N362 to a
dollar.
This is coming barely
24 hours after the CBN directive to Deposit Money Banks (DMBs) in the country
to sell foreign exchange obtained from it to retail end-users at not more than
N360 to a dollar for invisibles such as school fees and medicals.
The CBN Acting Director
of Corporate Communications, Isaac Okorafor in a statement, said that the CBN,
under the new policy, will sell forex to the licensed BDCs at the rate of N360
while they will in turn sell to customers at a rate not more than N362 to a
dollar.
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 dollars offered
to authorized FOREX dealers in the interbank wholesale window to meet the
requests of genuine wholesale customers was fully subscribed at the auction on
Tuesday.
Okorafor 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.
The Dollar seems to
have stabilised at N370 to a dollar at the black market in Abuja.
Source Thenation
Post a Comment