The Central Bank of Nigeria (CBN) has taken a more aggressive move to boost the value of the Naira against the dollar. On Monday, the apex bank said it is set to sell $10,000 to each BDC operator at the rate of N1,101 according to a report by Nation Newspaper.
The CBN also directed operators to sell at a spread not more than 1.5 per cent above the CBN rate.
Recall that BDC operators at the weekend lamented that they have been suffering losses in foreign exchange (FX) transactions, begging the Central Bank of Nigeria (CBN) to review its applicable FX rate downward to the operators.
The demand was conveyed by president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe.
The apex bank recently resumed FX sales to the BDC operators and pegged the latest intervention tranche at N1,251/$1 (plus 1.5 per cent margin) to the licensed Bureaux De Change (BDC).
In a statement on Saturday, April 6, Gwadabe said the naira’s speedy recovery had made CBN’s selling rate to BDCs expensive and challenging to offload to retail end buyers.
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