CBN Finally Lowers Dollar Rate for BDCs to N357/$

By Modupe Gbadeyanka

After several demands, the Central Bank of Nigeria (CBN) has finally reduced the rate it sells Dollar to operators of Bureau De Change (BDC) in the country.

This information was confirmed by President of Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe.

Mr Gwadabe led a delegation of his group to a meeting with officials of the apex bank on Monday to discuss why the Dollar rate should be reduced for them.

At the end of the meeting, sent a message to his members confirming that the rate has now been lowered to N357/$ from N360/$.

“This is to inform all our members that the CBN has considered our demand on rate review and has therefore approved with immediate effect as follows.

“Our buying rate now at N357 per dollar, while our selling rate is now at N360/$.

“Please comply urgently and you are therefore warned that anyone caught selling above the N360 per dollar would be severely dealt with,” the edited message to his members read.

Before now, Mr Gwadabe had said it was unfair to sell Dollar to banks below N360 his association gets from the CBN.

According to him, converging the BDC and bank rates at a central rate would go a long way to ease the pressure on the local currency.