Apex bank says Bureaux de Change, banks will now get dollar at same price

dimeji akinloye

June 5, 2018 12:03 AM

The CBN said the development will provide a positive margin of N3 per dollar sold to BDC operators by the CBN.

Operators of

The CBN Acting Director, Corporate Communications, Isaac Okorafor, disclosed this on Monday, June 4, 2018.

The development means that banks and Bureaux de Change companies will buy the United States dollar at N357 per dollar to sell N360.

Okorafor said this will provide a positive margin of N3 per dollar sold to BDC operators by the CBN.

This is the rate banks buys forex for PTA and BTA transactions; different from the interbank rate.

According to him, the decision is to give BDCs a level playing field to enable them to compete favourably with other authorised foreign exchange dealers.

He cautioned the BDC operators to adhere to the new guidelines and not to exploit eager customers by selling above the N360 band as any infraction would be sanctioned.

The CBN has recently directed that saying it is now mandatory for BDCs to buy foreign exchange three times a week.

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But the operators said the new forex policy was unacceptable, urging the apex bank to review the rates at which dollar is sold to BDCs to allow them to compete favourably.

dimeji akinloye